Looking to Steinbergs WaveLab, there’s an important feature for cutting audio: "Skip Selection".
If you want to cut the second chorus for example, you can select it approximately, define an independent loop for audio playback and the afore selected area is skipped during playback. While playing back the loop you can move the selection points left and right to adjust them to the exact positions and finally cut the selection from the audio file. This is the most easiest way to cut an desired part absolute exactly without "trail and error".
In my opinion this is an essential feature for fast and perfect cuts. But I can’t find it in Audition.
"Skip Selection" has been available in Audition 3.0 and before as well, but was a feature that was not developed in time for this release. It remains on the feature backlog and will be prioritized during the next development cycle. (On a personal note, I, too, miss this feature and will be doing my part to make sure it's addressed ASAP!)