Motivated by the recent observation of high-mass pulsars ($M \simeq 2 M_{\odot}$), we employ the $\sigma$-cut potential on the equation of state (EOS) of high-density matter and the properties of neutron stars within the relativistic mean-field (RMF) model using TM1$^{*}$ parameter set. The $\sigma$-cut potential is known to reduce the contributions of the $\sigma$ field, resulting in a stiffer EOS at high densities and hence leading to larger neutron star masses without affecting the properties of nuclear matter at normal saturation density. We also analyzed the effect of the same on pure neutron matter and also on the neutron star matter with and without hyperonic core and compared it with the available theoretical, experimental, and observational data. The corresponding tidal deformability ($\Lambda_{1.4}$) is also calculated. With the choice of meson-hyperon coupling fixed to hypernuclear potentials, we obtain $\approx 10~\%$ increase in mass by employing the $\sigma$-cut potential for $f_{s} = 0.6$. Our results are in good agreement with various experimental constraints and observational data, particularly with the GW170817 data.