The point of Vermiculite is to hold water. Perlite is the opposite.
Vermiculite works fine for rooting cuttings IF IF IF IF it is coarse enough. Something in pea size or bigger allows enough air in between the particles. The finer stuff forms a solid mass, and holds too much water and no air, leading to rot. I had good success with a 50-50 mix of Vermiculite and Perlite, as long as the particle size was coarse enough. I stopped using Vermiculite because I could not find product that was coarse enough.
The bottom line is that almost anything works, as long as you understand the characteristics of the material, and use it in a way that both holds moisture and allows air into the root zone.