Technically you can cut or bulk on any cycle. Obviously for the guys running the highly aromatizing stuff like deca and the longer test esters, there's considerable water retention, etc which doesn't really work well if you're trying to cut, but the point is that your DIET will determine if you cut or bulk. The cycle is just going to be a support to whatever it is you are eating for.
Var is a great base cycle for cutting or bulking for women because it has a decent anabolic effect w/ maintainable gains with minimal sides and medically speaking, great healing / recovery effects to support heavier lifting, faster recovery, greater sense of well-being, etc. The one thing that can be annoying if you're trying to cut on var is that many people retain some water on it. Not excessive like deca, but there can be some retention. If you are cutting for a specific date, then drop the var at 10 days out to allow the water to clear out. Otherwise, IMO its not that bad and just deal w/ it until the end of your cycle. Don't go looking to run any AIs or stuff w/ it because it doesn't aromatize and AIs are too aggressive to the system to just dump a little water. You can run some OTC stuff like dandelion root, if its bad, or adjust your dosing to find the sweet spot, but pay attention to the purpose of your cycle and not whether or not you are comfortable w/ some water.
Anyway - aside from the water issue if you're envisioning stage-quality leanness, var will support whatever your diet is designed to do.