To cut and run means to leave a situation very quickly, and in this sentence they are considering fleeing and abandoning just as their comrades are doing.
Consider the staetement "Their first reaction was to flee and abandon, just as their comrades were in the process of doing down on kly.". Based on this statement, is "Their first impulse was to cut and run, just as their comrades were in the process of doing down on kly." a true statement? Yes/no/unknown