There are much better options. Not to mention all the nitrates, preservatives, artificial flavours and colours...cold cuts are full of fat and empty calories. A lot of cold cuts have wheat and bread crumbs added as a binder. Just read the ingredient list on the package and you will think twice about consuming it. Probably half the ingredients you won't even be able to pronounce.
It's always best to stick with single ingredient foods on a diet. They give you the most bang for your buck. If you compare 100g of cold cuts to 100g of boneless skinless chicken breast, the chicken breast will be much lower in calories and fat while providing more protein.
Not to mention the fact that most food preservatives are estrogenic in the body.