Snap back, see my cut through the holes
Jay is wearing a snap back hat which is cocked back at the front and you can see his haircut through the hole in the back (he grows his hair out when recording albums).
At the same time, he seems to refer to a drive-by shooting — snapping back/cocking back the hammer, and telling his victim that through the “hole” in his open window he can see the cut of the diamonds on Jay-Z’s watches as he pulls the trigger.
This line also suggests a running back in football (“snap” and “back” are both football terms) cutting through the “holes” on the field created by the absence of defenders. Jay thinks this is a good analogy for his driving through the city.
Or maybe Jay is just trying to bring Snapbacks Back along with the young'uns
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