Early rounders shouldn't be much of an issue. But 4th rounders get cut irl, esp after 2-3 years, sometimes having to play on PS or just never to be heard from again. It definitely happens, it just all depends on the team's depth and the player's rating. But it's better than just cutting these same players all together and hoping they are in the selected bucket of FAs the game allows when you may need them.
Just look at 2014 draft alone...Logan Thomas, Shaq Evans, Carl Bradford, Khairi Fortt, Jalen Saunders, Jaylen Watkins...
All 4th rounders that have been placed on PS and some already been through 2 or 3 teams before finding a home on a 53-man roster.