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So there is this mature Mirabelle plum tree that produces amazing fruit! This is the first year my peach and cherry trees are budding, and I wanted someone to clarify, that if I root a cutting from that plum tree, will it produce the next year or will I have to wait many years for it to mature all over again.

Hi Abbasrizvi
Sorry..you will have to wait three years or more from the first year of rooting.
Snag of trees on their own roots is that their growth rate can be so unpredictable.
That's why they are usually grafted onto a rootstock where the growth rate is known.
It's possible to get a few plums off a two year old tree....but don't bank on it.
Young plums prefer to grow rather than crop, so they can often need tying down to slow the rush for the sky and get them into a cropping mode.

Hi JONA thanks for this info! I am also wondering if you happen to know about air layering. If I air layer this mirabelle plum tree, after established roots, will it produce the next spring after winter? I live in ontario canada

Afraid not Abb...
Air layered or ground rooted it will still need at least a couple of years in the ground to produce fruit.