I use BOM where I have general components in the assembly and use cut list (sorry it's not getting obsolete) for weldment components only. I use detailed cut list when I've mix of components in the assembly and want to list out weldment components as they do in cut list or related details.
For e.g. if you want to list each body from weldment part as child or individual component along with other standard/commonly used plates, then BOM with cut list works great.
In addition to what Deepak mentioned correctly, I guess depending on details you need to show on drawings can define which way you should go when you have both options available (i.e, when making a drawing from weldment part)
We use different fields (details) in weldment cutlist and BOM.
In BOM we have part numbers, description, material, qty and drawing availability (yes/no)
In cutlist we show raw material numbers, description (along with size, e.g., Square tube 50x50x3.2), length, width (in case of sheets/plates), material and quantity.
Most of the fields in weldment cutlist are linked with weldment profiles, so these are more controlled (like description, raw material numbers, size, material) as they are populated automatically whereas in case of BOM, users are responsible for some values (description, material) and PLM system for few others (numbers).