Just to see what happens, I tried cutting a shape from a scrap CD-R:
Cutting polycarbonate is a terrible idea, because that cloud consists primarily of The Big Stink™. AFAICT, the cutting fumes are not much more toxic than what burns off acrylic / wood / whatever, but they definitely smell much worse.
In any event, the laser produces a clean cut:
Modulo the charred edges and discoloration:
Some of that buffs right out, but overall it’s not worth the effort unless you really need tiny diffraction gratings.
The Smell of Molten Projects in the Morning 