Should you cut frequencies below 20hz?
One of the main reasons people, cut freqs that low is that it's possible in some cases to have infrasonics that are affecting how loud you make your track. Liek you say, in most cases they are inaudible, so people will cut them to be able to boost their overall loudness more.
What frequencies are cut in Masters?
Roll off some 100–150 Hz. If it sounds toppy: Try an EQ cut around 3–8 kHz. Another approach is to boost the low end slightly, which has the psychoacoustic effect of blunting the high end somewhat, even though the high frequencies haven't actually been reduced.