I don't have any bolt cutters. The rigging is regularly inspected (me), I just had the shrouds replaced, keep clean\remove salt residue, try not to over-stress the rig by reefing\trim\proper tension\tuning - that is, try to prevent such an event to begin with.
Also, the mast can't fall - it's keel stepped. It would have to break. However, if I lost a stay or shroud and it did break, I'd try to retrieve it and haul it on deck. If I couldn't, I'd call Tow Boat to help save the mast. This is all given my usual proximity to harbor(s), and the weather in which I sail now, which is pretty good
and the incredible unlikeliness of this mast breaking. If I were going offshore, cutters would
definitely be added to the list, but right now they would just be superfluous clutter.
My mast fell many years ago on my first sailboat, a 2-year-old Catalina 250 deck stepped. The furler had been muckering up the head stay at the mast head, and had been twisting the head stay. I knew it was afoul the whole time, but was too new and ignorant to know it was a red flag. I went to furl one day and the head stay let go. The mast came down into the cockpit, but was held up a little by the boom vang and shrouds. Calm sea, 5 knots wind. I just tied it off to the stanchions on each side, and motored in. One sailor came by while I was working on it just after it fell, and asked if I needed bolt cutters to discard the mast. I looked at him like he was a nut, and said to myself, "Now why the %$@# would I want to do that?"
So, there are circumstances in which masts should be cut loose in the event of a failure. My guess is that that kind of severe remedy is typically not needed in most daysail outings. Others' venues might be different.