No, not nearly as much so. In CoH1, a cut off point would usually refer to cutting off fuel and munitions and it was far easier to do so. In CoH2, with the new resource mechanic, you don't have to control fuel to win. Just have more standard points.
Ya, that is true in COH1, but not here. In COH2, a cut off refers to a point that the enemy has to move through in order to proceed to a section of the map. For example, on semoisky? I believe it is, you have the island section in between the two bases. A cutoff point would be the bridges that lead from the base to the island. By getting an mg there early game, you're cutting the opponent off from the rest of the map, and if the mg is in a building, you are forcing your opponent to either get a motar, or dedicate significant manpower and attention to take it out. Late game, use it to funnel troops and armor together and use artillery or to prevent flanking of units like the SU or at guns.
For the cost, the T-34/85 is still under-powered. For being a 4 cp doctrinal tank call in, it's sad that it just competes with a PIV. It should be on par with the panther in my opinion.
It is however currently not well suited for its purpose.
The mg42 is a defensive unit: Very long setup time but a large cone of fire.
However at medium to long ranges it's currently unable to defend/cover a cutoff.
It is able to suppress a unit within the capping circle but will more often then not be unable to pin the unit in time to prevent a decap.
Bear in mind: At medium to long range - not point blank.
Even if there is a unit spotting for the mg42 it can be bum rushed from the front with a single conscript squad using molotovs (terrain permitting even without the use of orahh).
It's not useless but it's current performance is indeed subpar.
When you have it with fort armor, you get command tank plus ele together, and it is a really hard combo to beat. I nearly always use the command tank myself for the buffs, but it's offensive capabilities lack for the price.