For Selection Cycling Setting:

https://help.autodesk.com/view/ACDMAC/2024/ENU/?guid=GUID-08FA6975-49A7-4029-A3F3-ABDA3B2A7122

For Subtract:

You're doing everything right. For visual effects I created a Layer called Circles & assigned it a Green color.

Then I changed all 3 Circles to that Layer.

Then I entered the following:

Command: Subtract

At the Select solids... prompt I selected the overall 3d Object (Red color) which is what you want to subtract from

And then press Enter to complete that selection.

Now with the previous selected 3d Object (Red color) unhighlighted select the 3 Circles (Green color):

Again press Enter to complete that selection

Now the original 3d Object (Red color) has those 3 Circular areas subtracted: