Personally, I think that for general modeling, cutting circles by hand (with a knife or scissors) is plenty sufficient. The circle cutter comes in handy when doing things like tanks, other multi-wheeled vehicles, rocket formers, etc., i.e. when you have a *lot* of circles to cut. But even then it's just a shortcut to get clean circles quickly. Don't consider yourself less of a modeler because you don't have one.
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