Elastic cuffs are the simplest option — they just stretch over your hand and snap back against your wrist. You'll find them mostly on budget jackets and casual or spring-weight snow jackets where keeping every flake of snow out isn't the top priority. They work fine for milder days, casual resort laps, or if you're just getting started and don't want to spend extra.
The tradeoff is that elastic cuffs aren't adjustable, so you can't tighten or loosen them to match different gloves. If the cuff is too loose, cold air and snow can sneak in; if it's too tight, getting your hand through with a bulky glove can be a struggle. They're also the least effective seal when you take a tumble and snow pushes up inside your sleeve.
If you ride in cold conditions, deep powder, or want a jacket that lasts across multiple seasons, adjustable velcro cuffs (especially with an inner gaiter) are worth the upgrade. But for fair-weather or casual use, elastic cuffs keep things simple and get the job done.