Obviously... It ain't no 5 axis with mastercam, but if you can figure out a way to fixture the job, you can do some clever stuff with a shaper.
You don't need 5 axis to do 3D.
Fact is it is hugely limited to be being able to dimension something. It's in fact 2D limited, you can't machine a spline with a shaper if you can't dimension the line.