Yes, CUTAWAY is a Scrabble word!

Letter values in Scrabble US: C 3, U 1, T 1, A 1, W 4, A 1, Y 4.

Is it a valid word?

CUTAWAY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a representation (drawing or model) of something in which the outside is omitted to reveal the inner parts
a man's coat cut diagonally from the waist to the back of the knees

Also: cutaway drawing, cutaway model.