I've never cut the stems on Alocasia "Poly", but I have on A. macrorrhizos. The 'stem' is a storage organ for the plant so if it's healthy it should have enough reserves to regrow both ends after cutting. But I've always found "Poly" to be very erratic in growth. Sometimes it'll stay dormant for a few years so you think it's dead, and then suddenly reappear again. I tend to leave them to their own devices because they do what they want not what you want.

If I was cutting the stem I'd do it close to soil level and then leave both ends to callous over. The end still in the soil should be okay as is and produce some pups. The top piece I'd keep in a warm humid container until it produces more leaves and/or shoots. I wouldn't bury it but it should also develop roots.

The main thing is to keep humidity up without letting things get soggy. Anyway, that's my opinion, for what it's worth. Good luck with it.

Thanks, TB! Haven't decided if I'm going to "toss the dice" yet. Had also considered attaching a pad of moss to the stem with plastic wrap -- similar to what I've heard done to some plants with the goal of the plant sending roots into the damp moss. Then the stem could be cut below the new roots. No idea how well Polly would take to that either

I've found stems that lay over along the soil do send out new roots from the area touching the soil. It should work with the moss as well. The big danger would be if kept too wet.