Offset Cut
Like the Offset tool Offset Cut tool is used to create perimeter loops often at the intersection created by a boolean operation.
Unlike Offset it creates an perimeter on both sides at the same time, and by default also resamples the selected edge loops, which is often useful to create a more even distribution of vertices.
Offset Cut will eat into the topology effortlessly and set up the conditions for clean bevel.
Selection
Any edge selection, single or multiple, cyclic or non-cyclic, a single edge loop or multiple independent ones.