My speculation would be for trimming something like a band saw blade. Where the finished end must be absolutely straight and square. Hence the clamp screw to hold it still when cutting. That could be verified to some extent by the hardness of the cutter.
Whatever it cuts must be held in place tightly. The end must be "perfectly" straight while cutting. I don't see a "guide" to hold it square, that is just implied. I have welded a band saw blade on an old machine. When the ends were clamped up on insulators and an electric circuit made up, the two ends became the effective electrodes. True, smooth ends made a better weld. The cutter was built into the saw frame and had guides and clamps to hold it square while cutting. I have never seen a hand held version but such would look very much like what is displayed.
As far as an electrical tool goes, I would expect the cutter to have arcs where the blades come together to make holes. I don't think this tool is "electrical". Although I have little time in a panel shop so can't be absolutely sure. But it certainly is not a crimper. It cuts, not crimps.
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