I can appreciate tidy equipment and wires, but unless you have time to burn soldering and unsoldering, you'll regret cutting the wires. Foamies crash often..... I think because they are so cheap we try stuff in a foamie that we wouldn't otherwise try in a balsa plane.... Eventually you'll need the 4" of wire back.

I bought some tiny wire ties from radio shack. You loop the extra wire back on itself nice and neat, run the wire tie around it and clip off the extra tie. Then put a drop of hot glue under the wire tie and stick it somewhere nice and neat............... Actually it looks pretty nice.