You can't delete stuff from the middle of it; You can't write stuff at any random place at any random time and have it appear in your workplace; cutting and pasting involves actual scissors and glue...
Paper is a lot of extra work for the only gain to pretend you are doing something simple.
I rarely need to. The things I'm writing down have a shelf life of at most one week. I also draw pictures and diagrams which you can't grep anyways. The Tops brand Steno Pad has been a feature on my desk for the last 30 years. If you use it linearly it's somewhat self indexing and going "back in time" to find things is much easier than you'd expect.