Clipped corners serve 2 functions. It lets air in and out when you move the standards with a lens mounted, and it allows you to see if there is mechanical vignetting from a lens.
For example, if I mount a 110 SS XL on my 8x10, then look at the aperture through the clipped corners, I see an oval until I stop the lens down a bit. The aperture is oval and not round because at wide apertures, the rear lens cell barrel obscures part of the aperture. You don't want to take a picture this way, so you look through the clipped corners to determine at what f-stop setting you can see the entire aperture.
Steve