From so far back I bought a roll of this material from an artist that made theater props. It looks like gray cardboard but if sprayed with lacquer thinner gets floppy and stretchy and can be molded over a ball for example to make complex curves that even leather would be a challenge to form like that.
When it dries it looks like thin paper mache but is hard and stiff and waterproof. I made a bird head mask with it some years ago that never got finished for lack of the right sort of feathers I had intended for most of it and it was also a shade small for me to wear, so it has mostly just sat unfinished.
As I do not know where to find more and once used cannot be reformed by say spraying it again, and so I have been reluctant to use it up. I have no idea what the soluble plastic is, but the base fiber definitely looks like paper fiber.
I am sure it could be cut with the Glowforge, and assume that the plastic is not chlorine based but as I have no idea exactly what the material is I cannot check that.
I know there must be folk who have used this stuff routinely but without a name I cannot even Google it.