Step 1: Draw the perpendicular from the centre to the chord, splitting the isosceles triangle into two right triangles, rather than using the general sine area formula in one shot.
Let $M$ be the foot of the perpendicular from $O$ to chord $AB$. Since $OA = OB = 21$ cm (radii), this perpendicular bisects both the chord and the angle at $O$.
\[ \angle AOM = \frac{120^\circ}{2} = 60^\circ \]
Step 2: Use right triangle $OAM$, right angled at $M$, to find the half chord and the perpendicular distance.
\[ AM = OA\sin 60^\circ = 21 \times \frac{\sqrt{3}}{2} = \frac{21\sqrt{3}}{2} \]
\[ OM = OA\cos 60^\circ = 21 \times \frac{1}{2} = \frac{21}{2} \]
So the full chord is $AB = 2 \times AM = 21\sqrt{3}$.
Step 3: Use the base times height formula for the area of triangle $OAB$, with $AB$ as base and $OM$ as height.
\[ A_{\triangle OAB} = \frac{1}{2} \times AB \times OM = \frac{1}{2} \times 21\sqrt{3} \times \frac{21}{2} = \frac{441\sqrt{3}}{4} \text{ cm}^2 \]
Step 4: Find the sector area and subtract to get the segment area.
\[ A_{\text{sector}} = \frac{120^\circ}{360^\circ} \times \frac{22}{7} \times 21^2 = \frac{1}{3} \times \frac{22}{7} \times 441 = \frac{1}{3} \times 22 \times 63 = 462 \text{ cm}^2 \]
\[ A_{\text{segment}} = A_{\text{sector}} - A_{\triangle OAB} = 462 - \frac{441\sqrt{3}}{4} \text{ cm}^2 \]
Final Answer:
The area of segment $AYB$ is $\left(462 - \frac{441\sqrt{3}}{4}\right)$ cm$^2$, which corresponds to option (A).
\[ \boxed{\left(462 - \frac{441\sqrt{3}}{4}\right) \text{cm}^2} \]