What the carvewright does best is carve. And it does that very well.
It does other woodworking functions , but if you have woodworking tools and know how to use them, some might be faster without it.
Other than carving , I like to use it for drilling adjustable shelf holes in cabinets while I'm doing other things, and also routing solid wood or MDF doors to make it look like it has raised panals. It does this rather slow,but your design can be more than just square.
As for the acrylic it is hard and brittle . I think it could be carved shallow , but also it might breakout .
1.187 Custom Woodworking for more than 40-years