Yes, it’s ‘possible’ - its also possible to drink bleach, but not a good idea.
Cutting PVC-based substrates release hydrochloric and hypochlorous acid vapour. It will eat metal, lenses, mirrors, exhaust motors/fans, etc.
Being a strong acid, hydrochloric acid is corrosive to living tissue and to many materials
If you are treating your machine as disposable, go ahead and use it, just be aware that your maintenance intervals will be severely reduced and you will be replacing parts regularly.
And your exhaust is toxic - you can’t just vent that and hope nobody breathes it or that it doesn’t eat anything it shouldn’t.
Alternatively, buy magnetic rubber sheet and apply your chosen substrate to that.
I’ve used this, it cuts fine and you can stick anything to it.
Tech tip: don’t engrave your substrate while it’s on the magnet - engrave, bond, then cut.
Heat will remove the magnetism from the sheet. Cutting is fine - it will be demagnetised only in a small area around the cut line, but engraving will make the magnetic properties disappear, leaving you with expensive rubber sheet
I use contact spray to bond, but then I do it all the time, have the right sprays on hand and am pretty adept with it. If you are using a light substrate, contact spray can show through in ridges and lines, so you might want to consider a sheet adhesive - it comes with two protection sheets - you peel the sheet, lay your substrate, then process and you end up with easy-peel ‘stickers’ to stick to your magnetic sheet.