Yes. I also have one like that with a shorter cutting length for pickup cavities, which are sometimes shallower. If you use a thicker template this one will do.
You may need a smaller diameter bit for sharper corners, like the corner of a pickup cavity. A workable but slight only riskier solution is to run a straight bit with the same cutter diameter as shaft diameter with the solid shaft against the template (so using the shaft to guide the cut) for the final cleanup of the corners. Only do this with a thick (1/2” or more) template made of ply; MDF can dent too easily, and acrylic will probably melt.
I use these (1/8” and 1/4” diameter on a 1/4” shank) for truss rod slots, carbon fiber rod slots, and cutting rosette channels into acoustic guitars. spiral downcut bits
This round over for a telecaster style corner, similar style in 3/16-1/4” and 1/2” radius for something more rounded like a Gibson back or a strat: https://www.amazon.com/Freud-Radius-Rounding-Shank-34-104/dp/B0000225W7/
I also use this style bit for trimming body edges in a single pass. This is tricky / risky to use hand held, and I prefer it in a router table. Or you can use the bit u/JimboLodisC mentioned in a few steps. Bit safer.