Viz magazine's cutting picture (5)
I believe the answer is:
image
'picture' is the definition.
(synonyms)
'viz magazine's cutting' is the wordplay.
'viz' becomes 'ie' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'magazine' becomes 'mag' (abbreviation for magazine).
'cutting' is an insertion indicator (some letters cut their way into a word).
'ie' going around 'mag' is 'IMAGE'.
Can you help me to learn more?
(Other definitions for image that I've seen before include "Public impression" , "of Kairos with Melchior?" , "sculpture" , "Purplish pigment; pool" , "Metaphor; figure" .)