Short cut, about right (4)
I believe the answer is:
curt
'short' is the definition.
(I know that short can be written as curt)
'cut about right' is the wordplay.
'about' is an insertion indicator.
'right' becomes 'r' (abbreviation).
'cut' enclosing 'r' is 'CURT'.
(Other definitions for curt that I've seen before include "Dismissively short" , "Brusquely succinct" , "Brusque, short" , "Unceremonious" , "Brief and brusque" .)