Cylcing Bone Skeleton

Is it possible in TB 7.1 to cycle a single boned vectorized photograph image, animated just by the bones, or it just works with regular cutout animated elements.

Yes. The bone feature works for vector (drawn directly or import and vectorized) or texture or a bitmap image without vectorization. It will works as it is by creating a bone but depending on the object shape, you may have to divide into several parts (not much as cut out animation) to set the influence area properly so that it does not overlap and having a strange result. You can check the user guide and samples (skeleton) for the bone feature from the library to see how it is created.

I don’t know if you really knew what I meant, but maybe I wasn’t clear enough, I meant looped cycling, as with create cycle, or advanced cycle command with the bones.

I think I need more information for that.
You can create a bone structure and make the cycle with key frame. And then loop the key frame (loop walking cycle).
I do not understand advanced cycle command with the bone that you are referring but you can find out more for creating a loop in Time Line from tutorials