NOWUS,
I think that is a TOPstrap, not a backstrap. People reading the subject on this forum probably think you are writing about a grip modification and may not read your thread.
I don't KNOW whether your gun is still safe to shoot with that much cutting. I THINK it probably is because the steel is malleable and the gas cutting does not produce a sharp crack-like inner tip to the indentation it makes in the steel. So, the stress-concentration effect may not be significant and there is plenty of steel left for the unconcentrated stress level. HOWEVER, the photo is hard to interpret, and it is NOT CLEAR that there is not some stress-induced cracking in the center of the cut area. IF there is any appearance of a CRACK, as well as a cut, then the gun is no longer safe because the metal is starting to fail.
WHAT REALLY INTERESTS ME is to find out what loads produced that cutting in your gun. What cartridge does your revolver shoot and what loads were you shooting in it? (The rest of us don't want to get the effect you have, so please help us learn from your experience.)
SL1