The cutout is higher on Freeride/slalom sails for probably two reasons I can think of..
They are normally used on wider boards. You can imagine how high the boom would need to be on a board thats 2m wide.. Whereas wave orientated gear is only really used on boards where you stand real close to the centreline..
And the second could be stance, I don't sail Slalom gear anymore but when I did I always ran with high boom, while at the same time for some silly reason I had my wavesail boom really really low. (I also tied an Onion to my belt, which was the style at the time)
Using Ezzy Wave Panthers 4.5, 5.2, 5.8 on:
Fanatic Freewave 86l @ 58cm wide
Mistral Flow 96l @ 56cm wide