I had a very similar cut out fault to the one you describe. Problem was a failing injector pump which was correctly diagnosed bythe fault codes.
However mine's a D5 which will have a much higher pump outlet pressure I expect than a petrol engine (which is probably just pressurised by the pump used to draw fuel from the tank)
Nevertheless if the cheap and easy options fail to cure the problem you should be able to identify any potential problem relating to faulty fuel delivery pressure via the diagnostics. Rectifying the problem can be low cost if you can find a source of the requisite 2nd hand bits and then fit themyouself. I solved my cut out problem for £80 and 2 hrs of my life as opposed to £1780 from Volvo.
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