No, that is not what this plugin does. It is not a ClosedCircuitTV shader, that would be cool.
This plugin takes its sub-channel (probably an image map) and “projects” that image onto whatever model the texture is applied to, as if the designated camera were a slide projector (or video projector). It is a kind of advanced shadow capture, designed to help you quickly flesh out geometry in an image, so you can make the image seem to have depth when the camera moves slightly. You’ve probably seen this effect in documentaries where archive photos are made to show depth that wasn’t really in the photo to begin with. They are using a cut-out to make a sort of 2.5D effect.
In Carrara you could, for example, take a photograph of a tunnel and use the plugin to map that image onto a 3D tunnel model in Carrara. The designated camera is locked (to map how the photo should align with the model). Then your animation camera is free to move around and physics objects can interact with the tunnel, etc. It would be useful for special fx and compositing.