My mother used to have a huge cookie cutter collection (mostly passed down from her mother) and even though she didn't bake often, I loved taking it out to look through. Today, I have a small selection and, like-mother-like-daughter, don't produce very many cookies, but there are plenty of other ways to use them with kids.
1. Clay Placecards or Ornaments: This is just a small crafty step up from using cookie cutters with playdough. With supervision, have your kids use Sculpey or other clay to make placecards for your holiday table or ornaments to give as gifts. More info: One More Mushroom. See also Chez Larsson's take on this.
2. Birdseed Feeders: A perfect winterish activity - do the work while you're toasty inside and then venture out for some fresh air to hang them. (Then, I'd recommend, finishing off the afternoon with hot cocoa, but that's just me.) More info: Kate's Creative Space
3. Shaped Crayons: Do you save your kids' crayon nubs? If so you can melt them down and create new crayons in fun shapes using cookie cutters. Even if you don't have old crayons to recycle, you can do this with new crayons and make some cute stocking stuffers or gifts for young friends. More info: Daily Danny
4. Playdough Play: Whether you make your own or buy it from the store, cookie cutters are ideal to use with playdough. Roll it out (or older kids can do it for themselves) and let your kids cut all kinds of shapes. More info: Polkadot Canary
5. Candles: Another way to get kids involved in gift making this year. You'll need some basic candle supplies (beeswax sheets and wicks), but this project is suitable for preschool age kids and up. More info: Spoonful
(Images: as linked)