I imported the same text as an svg from Inkscape. This separates the letters into their own objects. When I make the cut, it behaves as I'd like, going around each letter twice....except the letters with interior features (a, b, d, g, e, o, etc). It will do one pass on the letter profile, then one pass over the interior feature, repeat.
I went back to Inkscape, broke apart the letters so that interior features were their own path. On import into Easel, I can confirm that the interior features are separate objects. However the result is the same.