Nope, you'd ruin the bit.
Regular holesaws for wood work on plexi. Just need to run water on it to keep it cool, or go a very little at a time with cool down times in between. You can go through in one shot without water, but the material will melt some leaving a slightly messy hole, unnecessary stress to the material, and a bit with melted plastic stuck to it. Also, if at all possible go in from both sides. That way it comes through cleaner. (remember, this is a regular wood holesaw with the pilot drill in the center so it's super easy to line it up from both sides)