The term Director's Cut is often misused around here. Technically, it refers to the cut submitted to the studio by the director at the end of the editing process, before the men in suits get their grubby hands all over it.
So it looks like Videodrome is an actual "director's cut" i.e. made back in the day, and it is clear from his quote that what he is opposed to is the Lucasesque (Lucasinian?) practice of revisiting the work years after the fact.
Either way, I'm looking forward to the new Criterion disc!