The guide on Cypress debugging emphasizes the critical role of debugging in software development, highlighting the financial impact of poor software quality, which costs the U.S. approximately $607 billion annually. It explains the importance of maintaining bug-free test suites even when using Cypress for testing purposes. The tutorial covers various debugging techniques using Cypress, such as employing the debugger within the .then() function, using the .debug() method for detailed logging, leveraging stack traces for error tracking, and utilizing console and Cypress logs for insights into test execution. Additionally, it explains how to use the .pause() command to halt test execution for manual intervention and suggests incorporating TypeScript to reduce type errors and improve code reliability. The guide also introduces leveraging cloud-based testing platforms like LambdaTest for enhanced accuracy in testing across multiple OS and browser versions.