The IBC says they need this at Finch:
A new underground triple box structure below Yonge Street (approximately 190m long x 20m wide, to be confirmed based on the Tunnel Design), and tying into the end of the existing tail track to form a double ended pocket track;
Does that make a difference? I don't know.
Either they didn't consider cut-and-cover or they dismissed it. Given the government's focus on corner cutting, I find it hard to imagine it was never even raised, if it was cheaper and/or faster. So either some bureaucrats at Metrolinx just shut it down because they don't like it, or it was deemed not feasible, either practically or due to cost. Either way, after a few kicks at the can with this project, I'd say it's beating a dead horse to hypothesize about it now.