I rode in a GS that had a turbo once, the guy had the engine built and was running at 10psi... i thought it was his rev limiter but when he was full on it in 1st gear at 5,500 rpms the car had that feeling, but it was extreme as to throw you forward like mentioned, then back on, and he would shift into 2nd and get tons of wheel spin, then it wouldnt seem to come back, only in 1st gear.
Was that fuel cut because he hadnt tuned the engine right for the 10psi? I was always wondering why it had a 5,500 rev limiter lol
you can get fuel cut even when you are not boosted, it is just a little harder to figure out why. i dont know if this is related, but could fuel cut be initiated by detonation and then the timing pulled as well. i am not sure if the timing being pulled and detonation have anything to do with your problem, but since you didnt hit a brick wall, you may look into that.
A buddy of mine let me drive his 1991 MR2 turbo last week. While driving, we hit fuel cut when the boost spiked to 12psi. On those cars anything above 12psi without a FCD, will lead to fuel cut. It does throw you forward a bit. Kinda like hitting a wall at 5mph.
I have never hit fuel cut on my car and I have boosted up to 14psi. Dunno why you would.