There’s another option, however it feels a bit slow.
The engraved look can be simulated by adding a curve in the Shut Lining tab and the render mesh could be extracted…
It’s slower than my suggested approach with ShrinkWrap. Anyway, I think it would be nice to have a cutaway material in Rhino. Something similar to keyshot ideally 
I got a result with Radius = 8 and Pull curve to object deactivated but Rhino crashed when I increased the Radius to 10
