Some years ago at my old place I grew both C involucrata (which you have) and C. digitata, upright and about 5 ft tall. I loved both of them, but so did deer. I don't think I ever cut them back early.

I have callirhoe involucrata (purple poppy mallow). I cut other perennials back to the ground, namely Geranium magnificum and Nepeta, with no ill-effect and they bounce right back with full new growth within about two weeks, so I figured cutting the callirhoe back would be fine too. I guess I'll just have to see what happens and chalk it up to lesson learned if it doesn't regrow until next year.

I bought this plant on a whim last year, and I'm really glad I did -- I've really enjoyed the blooms.

I’ve never cut mine back as there is no basal growth. I’m really surprised to hear yours is spent as mine are still blooming machines.

Update: Here it is about 3 weeks after original post, and I noticed there is new growth coming from the crown. It's not been rapid growth like geraniums or catmints, but it is growth nonetheless. It'll be interesting to see if it blooms again in the fall; IIRC it bloomed sporadically in previous years after the main flush.

Seems kind of late, but that would be great if they did rebloom!