There are different cycles for drilling than there are for hole cutting as there are instances where you must machine a hole with a router-bit or end mill instead of drilling with a drill-bit. These cycles are meant for the instances where the job is performed with a tool suitable to remove all the material in the hole and not leave a slug which could be ejected from the material and cause injury.
If it is not possible to cut the hole with a large enough tool to remove the slug, sometimes it is better to pocket cut the slug first and then finish cut the inside if the hole to obtain the best finish, and the safest practice.