It does cut space. that is definite. ignores energy and size, and Empty Void himself states it very clearly. also the effects and aftermath of the slash also shows it.
For the hole,
Blast is able to surpass Void's teleportation speed, that alone should be enough for him to escape from DS. Yet it's stated Blast can only evade it as long as he has this sphere type teleportation.
Also we see EV attacking from seemingly an universal distance. at the very least, It's landing speed should be MFTL+. From the bubbles perspective, it can get closer later or change perspective but it shouldn't change the result (Also it's changing the perspective even when he was seemingly attacking from an universal distance can imply it's ability to ignore distance as well).
It's landing speed can even be infinite speed, considering the statements of how it ignores distance, how only Blast's self teleportation can evade it, also might be wrong but considering
how we saw the multiverse in the hyperspace,
Genos's explanation,
The statement of how God's power can ignore distance, energy and size and
how zero punch is God's power as well. If Saitama was in the hyperspace and watching the divergence of the timelines
here caused by his movement backwards in time (
Also he was still hearing things correctly like
how Void did.), If those bubbles are universes (diverged timelines) same as how Empty Void views them, Dimensional Slash while landing might have infinite speed since like Saitama's punch,
It should just appear there.