Yes, both edges are beveled. That's how you get the sharpest point/blade in order to cut. When the edge is worn down, it wont cut that well. Think of your meat cutting knives. Once worn down, they don't cut as well and they need to be sharpened, thrown out or replaced. Love my cutco knives. Unfortunately, rotary cutters can not be sharpened.
Once rotary cutters skip or are dull, replace the blade with a new one.