Would even that do more than 'cutting the power' (which you say would "have little effect")?Yes, that's one of the issues to be considered, but with a large cutter like a panel raising cutter, cutting the power will have little effect. What's needed here is not one of those silly flappy things, but a proper e-stop button with trigger action so that it will not fail to both latch, and break the circuit.
Kind Regards, John