Yes, there is little risk in cutting a player that you didn't recruit when you first take a job (e.g. no loyalty hit). I believe that some have mentioned other players can get mad and either leave or take WE hits, but I think that is only at DI.
You will not get additional recruiting dollars in that season. For that reason, there isn't much point to rescinding a senior's scholarship. However, I will, and just did, rescind a no-talent underclassmen's scholarship (so long as I did not recruit them).