By a happy coincidence, my review copy turned up today, so I can confirm that this is indeed Metzger's official 'softer' cut - and it's now obvious why Arrow went down this route, because Metzger recorded a commentary specifically for this version, in which (amongst much else) he discusses the differences between this version and the hardcore version.
So I imagine if they'd gone down the BBFC-recommended route, they'd be left with the dilemma of how to edit Metzger's other commentary - or, more likely, they'd be forced to drop it altogether. And since Metzger's commentaries are excellent, and the alternative cut is fully director-approved (and by far the more familiar version of the film), this must have seemed like the most sensible option.
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