This is my definition so it may not stick with other games

Bugs suck to encounter, a NPC walks into your house and breaks half the walls, you drop your tools into lava, and exit the game before the fallback can give them back softlocking you. 

Glitches CAN suck, but usually it's just something simple, A tree turns invisible if you hit it with a rock, an NPC turns different colors than they are supposed to. (most of the time visual)

(Bugs and glitches I sometimes use synonymously as they both suck)

Cheats are fun, they can be intentionally created (Think Minecraft commands) or unintentional, (Stardew valley [boxeID] gives items) but they don't harm the game experience much. If you report this I will only fix them if the majority of the Community wants them fixed, or they are game-breaking.

This is again my own definition, if you encounter a bug or glitch just say so in the title of the Topic and I'll fix it as soon as I can.