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I don’t think the rhino is destroyed.

The way I see it, this is how it is resolved:

1) Player one uses the strategem “desperate breakout” and selects one unit it their army that hasn’t been selected to move yet and is in engagement range of the enemy (in this case, a rhino) using up CPs to do so.
2) Player one rolls a d6 for the rhino and on a one the rhino is destroyed. If the rhino isn’t destroyed:
3) Decide if you will fallback with the rhino or not. If not, the sequence ends. If yes, this is where you check the movement stat to determine how far the unit can fall back.
4) Player two uses the strategem “cut them down” using CPs and this is resolved in full.
5) Player one now makes a fall back move. They already announced they are falling back so can’t now choose not to, also the distance of the fall back move was determined in step 3 above, before any MWs from “cut them down” were applied. The distance isn’t determined again.