Possible to create papercut effects for text in real time?

[nines]

Godot Version

4.3

Question

I would like to create a special effect like this. Imagine you have a paper and you cut out parts of the paper to become text that you can see through like this:

While I could create images with text using transparent effect, save them and put them into Godot, I wonder, is it possible to do this in realtime?

For example, I would like to set my own font and my string in Godot to be whatever I want and I will have this string with papercut effect on a 2D plane that makes me see the 3D game world through the text. And I must be able to set my text at any time and Godot will change this accordingly. Is this possible?

[Mahan]

You can make a font that has this effect (I have experience making fonts and I know it’s possible) but the process will be time consuming and complicated, so I recommend leaving the paper cut effect aside.