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Probably. I used it to cut drywall and it worked well. Plastic is softer so it may actually melt since the Rotozip is a high RPM tool. It is also 'free-hand', so it will not cut straight unless held tightly. I would do a test cut of similar material or in an area that will be scrap to check how to handle cutting plastic. (Again, due to the high RPM of this tool, it may actually burn the plastic and leave rough edges.)
No, they have other bits that should be used to cut wood or plywood. Part number is SC4 for the wood cutting bit.