The rheology of noncolloidal suspensions under cyclic shear is studied numerically. The main findings are a strain amplitude (γ_{0}) dependent response in the shear stress and second normal stress difference (N_{2}). Specifically, we find a reduced viscosity, an enhanced intracycle shear thinning, the onset of a finite N_{2}, and its frequency doubling, all near a critical strain amplitude γ_{c} that scales with the volume fraction ϕ as γ_{c}∼ϕ^{-2}. These rheological changes also signify a reversible-irreversible transition (RIT), dividing stroboscopic particle dynamics into a reversible absorbing phase (for γ_{0}<γ_{c}) and a persistently diffusing phase (for γ_{0}>γ_{c}). We explain the results based on two flow-induced mechanisms and elucidate their connection in the context of RIT through the underlying microstructure, which tends toward hyperuniformity near γ_{0}=γ_{c}. Overall, we expect this correspondence between rheology and emergent dynamics to hold in a wide range of settings where structural organizations are dominated by volume exclusions.