Can the 7.5 in. x 10 ft. Galvanized Steel Water Rain Diverter Drip Edge Flashing be cut?

You can use a rotary tool with a cut off bit or a small angle grinder with a thin cut off wheel.

Absolutely. You can also use a rotary tool with a cut off bit or a small angle grinder with a thin cut off wheel. It will be tough to get a nice clean, straight cut with snips, especially in the bent section.