Cookie Cutter presents a black background with a circle where the video appears. So the video is round. The circle can be manipulated to fit the image. IS this feature present?
Yes, it is present in Vegas Movie Studio Platinum 17 and earlier versions. I don't know about the basic Vegas Movie Studio version. Platinum also has Bezier Mask for accurate masking to fit an image.
But Vegas Movie Studio is a discontinued product. If you are looking at Magix Movie Studio it's a different product being Magix Movie Edit Pro under a different name. You will need to ask on the Magix products forum https://www.magix.info/us/video-forum/ should you require information relating to that.