Make the cut and Make it

Make it and make the cut are semantically related in make the grade topic. In some cases you can use "Make it" instead a verb phrase "Make the cut".

Make it verb - Succeed in a big way; get to the top.

Make the cut and make it are semantically related in prepared topic. You can use "Make the cut" instead a verb "Make it", if it concerns topics such as make the standard, to succeed.