Step 1: Rewrite the arc-length formula in radian form.
The reason's formula is equivalent to $l = r\theta$ when $\theta$ is measured in radians, and $60^\circ = \frac{\pi}{3}$ radians.
Step 2: Check the Assertion using this radian form.
\[ l = 21 \times \frac{\pi}{3} = 7\pi \approx 7 \times \frac{22}{7} = 22 \text{ cm} \]
This matches the 22 cm stated in the Assertion, so the Assertion is true.
Step 3: Confirm the Reason correctly explains it.
Since converting the Reason's formula gave exactly the number in the Assertion, the Reason is the correct explanation of the Assertion.
\[ \boxed{\text{Both A and R are true, and R correctly explains A}} \]