I think a dimension cut would be a cut parallel to a coordinate hyperplane.
For example in the $k=3$ case, we could cut parallel to the $yz$-plane.
This would cut the edges joining the following pairs of (previously connected) vertices in the $3$-cube:
000 and 100
001 and 101
010 and 110
011 and 111
This would disconnect the vertices 000, 001, 010, 011 from the other four.
* * *
Edited:
Note that we cut $4$ out of $12$ edges, or $\frac13$ of the edges, as predicted for dimension $3$.