I bought a Cameo 3 at Hobby Lobby last year, just before the Cameo 4 was released, and have been playing around with using it to create different types of masks. I have several Bandai Star Wars TIE Fighters and wanted something that would be easy to mask the solar panels (24 for each kit!) The Studio software tools are similar to Coreldraw and you can create complex shapes using Bezier curves. You can import a picture and draw over that to create a shape, like a mask for a national insignia, serial numbers, or a pilot's personal markings.
You can use a variety of masking materials (Silhouette, Cricut, Friskit, etc.) and Silhouette and Cricut sell transfer tape that is available at Hobby Lobby. I picked up a vinyl stencil product, Oramask 810, from Proworld that is used by some of the aftermarket mask makers. It is translucent so you can see where you placing the mask on the model. It comes in 12 inch wide rolls and you purchase it by the yard. The Proworld pricing for quantity purchase makes it cheaper to buy ten yards than five yards.
The Silhouette website has quite a few tutorials and manuals and a link to their a YouTube channel with many videos on how to use the Cameo. I also found a railroad modeling website RMWeb.co.uk that has a forum thread on using the Silhouette cutter, including how to cut or score thin sheet plastic to make buildings or train cars. The thread started in 2013 and runs to 98 pages so it takes a while to work through it but it has a lot of tips on using the Silhouette Studio software.
Hope this helps.