Cut in magnitude, reportedly? (6)

I believe the answer is:

incise

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'cut' is the definition.
(I know that incise is a type of cut)

I don't understand how the remainder of the clue works.

(Other definitions for incise that I've seen before include "Make cuts in (surface)" , "Make a cut in" , "Cut into with a sharp knife" , "Sculpture" , "Carve" .)

I've seen this clue in The Telegraph.

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