Oil will likely not last as long, and it does not fully seal the wood against moisture, but this approach is common and many people use it without major issues. The look will be different, oil on cherry will show much more grain texture compared to a clear-coated finish, since oiled products have little to no surface build.

You will need to reapply the oil periodically, similar to how butcher block countertops are maintained, but overall this should be fine.