Does anyone know if these two substances work in the same way? For instance, one can cover a cake with chocolate MMF, can cut out shapes from chocolate MMF, and otherwise mold it into specific forms.

Can all of those things also be done with chocolate plastic?

TIA!

The simple answer is yes. You can cover a cake, cut out shapes or mold either one. The difference between the two is that MMF is going to stay softish, so if you mold figures or cut out shapes it will not really harden. Chocolate plastic (or candy clay or modeling chocolate as they are all basically the same thing) is soft and pliable when you kneed it, but it will harden when you stop manipulating it. So if you are sculpting it or molding it it will hold it's shape much better. It does need to be protected from heat though, as it will wilt in hot conditions. If you cover a cake with it it will be more of a shell.

Thank you for your informative post!

I love being able to mold finer details with modeling chocolate that you can't get with mmf. The figures always drooped. I'm also wild about the fact that I can make it ahead and keep it in the freezer until I need to use it.
For me though, it's a little too expensive to cover my cakes in and definitely too sweet.

I agree Malakin, I prefer it for figures, but would rather use my usual choco-pan to cover the cakes. The modeling chocolate is very sweet (but delicious). Modeling chocolate is great for covering some 3d cakes that would have many seams or gravity defying angles though, you can blend the seams together invisibly!