For my perspective, in a client based game with no real gain except than self-esteem for finishing the game (aka: no real issue other than the game being finished through cheating), I let the players do what they want.
You bought the game, I let you cheat in it if you want, I disapprouve, but if you have fun without spoiling fun to others, then I won't complain, It is what the game is (sometimes) made for, having fun.
I think the most important is to give the player a good gameplay experience, also, if they cheat, try to understand why, most just cheat because they don't really want to play your game like you wanted, but sometimes, that can mean good things to think about for your next game:
-"I use cheats to adjust the base items so the gameplay experience is different" --> Maybe think about a system to have more possibilities for base items, like a difficulty mode.
-"I use cheats because I can play the character I want everywhere in the game" --> Maybe a challenge mode with all level playable, with the choice of the character since we aren't in history mode
-"I cheat to see ara croft Naked" --> Don't put lara croft naked, just don't!