The following are just some considerations, which might be of help.

We start with a rectangle of sides $a_0 \le b_0$ and
after ${\left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor }$ cuts we reach to a rectangle
of sides
$$
\left\{ {\matrix{
{a_{\,0} \left\{ {{{b_{\,0} } \over {a_{\,0} }}} \right\} = b_{\,0} \bmod a_{\,0} } & \to & {a_{\,1} } \cr
{a_{\,0} } & \to & {b_{\,1} } \cr } } \right.\;\;
$$
The ratio of the sides proceeds as
$$ \bbox[lightyellow] {
\eqalign{
& {{a_{\,0} } \over {b_{\,0} }} = {1 \over {{{b_{\,0} } \over {a_{\,0} }}}}
= {1 \over {\left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor + \left\{ {{{b_{\,0} } \over {a_{\,0} }}} \right\}}} = \cr
& = {1 \over {\left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor + {{b_{\,0} \bmod a_{\,0} } \over {a_{\,0} }}}} = \cr
& = {1 \over {\left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor + {{a_{\,1} } \over {b_{\,1} }}}}
= {1 \over {\left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor + {1 \over \ddots }}} = \cdots \cr}
}\tag {1}$$
which is in fact the continued fraction development of $a_0 / b_0$, whose terms come from
the progressive steps in the Euclidean Algorithm for $gcd(a_0,b_0)$.
The sequence of the areas proceeds as follows
$$ \bbox[lightyellow] {
\eqalign{
& S_{\,0} = a_{\,0} \,b_{\,0} = a_{\,0} ^{\,2} \left( {{{b_{\,0} } \over {a_{\,0} }}} \right)=A_{\,0} \cr
& S_{\,1} = a_{\,0} \,\left( {b_{\,0} - a_{\,0} } \right) = a_{\,0} ^{\,2} \,\left( {{{b_{\,0} } \over {a_{\,0} }} - 1} \right) \cr
& \quad \vdots \cr
& S_{\,\left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor }
= a_{\,0} ^{\,2} \,\left( {{{b_{\,0} } \over {a_{\,0} }} - \left\lfloor {{{b_{\,0} } \over {a_{\,0} }}} \right\rfloor } \right)
= a_{\,0} ^{\,2} \,\left\{ {{{b_{\,0} } \over {a_{\,0} }}} \right\} = a_{\,1} b_{\,1} =A_{\,1} \cr
& \quad \vdots \cr
& S_{\,n} = a_{\,m} ^{\,2} \left( {{{b_{\,m} } \over {a_{\,m} }} - q} \right)\quad \left| \matrix{
\;\sum\limits_{0\, \le \,k\, \le \,m - 1} {\left\lfloor {{{b_{\,k} } \over {a_{\,k} }}} \right\rfloor } \le n < \sum\limits_{0\, \le \,k\, \le \,m}
{\left\lfloor {{{b_{\,k} } \over {a_{\,k} }}} \right\rfloor } \hfill \cr
\;0 \le n - \sum\limits_{0\, \le \,k\, \le \,m - 1} {\left\lfloor {{{b_{\,k} } \over {a_{\,k} }}} \right\rfloor }
= q < \left\lfloor {{{b_{\,m} } \over {a_{\,\,m} }}} \right\rfloor \hfill \cr} \right. \cr}
}\tag {2}$$
where the meaning of the $A_n$ are obvious.
We can say that the $Sn$ are interpolating the $A_m$.
If we take $a_0=1,\;b_0=\varphi$ (golden ratio), we get
$$
\eqalign{
& {1 \over {{{b_{\,0} } \over {a_{\,0} }}}} = {{\rm 1} \over \varphi } = {{\rm 1} \over {1 + \left( {\varphi - 1} \right)}}
= {{\rm 1} \over {1 + {1 \over \varphi }}}\quad \Rightarrow \quad \left\{ \matrix{
b_{\,m} = \varphi ^{\,1 - \,m} \hfill \cr
a_{\,m} = \varphi ^{\, - \,m} \hfill \cr
n = m\quad q = 0 \hfill \cr
S_{\,n} = a_{\,n} \,b_{\,n} = \varphi ^{\,2 - 2\,n} \hfill \cr} \right. \cr
& {{S_{\,n + 2} } \over {S_{\,n} }} = \varphi ^{\, - \,4} \cr}
$$
But, apart from the golden ratio above, the Euclidean algorithm is in general not smooth,
and thus it is difficult to grasp the limit of the wanted ratio (to my knowledge).
In fact, if we take for example $(1,\pi)$ as the starting rectangle, it is known that the
the terms of the corresponding CF do not have any regular pattern.
For our problem that means that the side ratio $\left\lfloor {{{b_{\,n} } \over {a_{\,n} }}} \right\rfloor $
( and thus the ratio itself) is varying unpredictably.
And unpredictable as well will be the limit of the area ratio.
That is understandable in the model, as that many times we reach very near to a rational
rectangle, after which we are left with a very thin and long stripe, which has an anomalously
low area wrt the parent sheet.