it´s maybe a bit more like this:
more extreme V-shape in a 180° corner
It´s not so much "short cutting" the corner, as using the stength of a car, which is maybe better in straight line braking (late braking) and in acceleration. you can be on the throttle earlier with that technique.
It´s a typical technique in cars which don´t can support high midcorner speeds due to maybe weight or/and tires or a lack on downforce.
You see this for example in V8Supercars, and other touring cars with high power and weight.
Done to extreme, pivoting the car on a too small radius, will put excessive stress on the ear tires, as you slide them sideways.
You will be slow at this point (pivoting) of the corner, but if you won time before under braking, and gain on the next staight by being early on the throttle, it can be faster.
It´s typical used in low(er) speed tight corners exiting onto a long(er) straight, or in reverse after a straigh when there is no long stright at the exit, so you try to win time under braking, but are not too concerned with the exit.
It´s not effective in high speed wide corners , because (due to limiting engine power/drag) you can´t gain that much under acceleration.