What is "cycling" credit cards? Does it mean that you cancel credit cards, wait for a while, then reapply for the same card to get bonuses?

Right now for my small business I have a Chase Ink Business, Chase Ink Cash, and I just signed up for the Chase Ink Business preferred to get the 90k UR points bonus after spending $8k in three months.

I'm not a fan of the $95 annual fee on the Chase Ink Business preferred, so I was thinking about cancelling it after a while.

Tradtionally I've been opposed to cancelling credit cards because I thought it impacted your credit (my score is very good, about 810)... but apprently people just cancel credit cards all the time, and actually apply for the same exact card and get the same sign up bonuses again?

Could someone run me through this process (like how long you have to wait), and tell me the pros and cons of doing this? Surely there must be some catch to this right? Thank you!