Definition
To have both advantages and disadvantages, or to affect different people in different ways.
The policy change could cut both ways; on one hand, it might reduce waste, but on the other, it might cause some inconvenience.
Using social media cuts both ways; it can help you stay connected with others, but it can also be a distraction.
The competition of the free market cuts both ways; while it can stimulate innovation, it can also lead to some businesses failing.