It will definitely remove paint that it is already 'loose' as well as adjacent areas.

I warmed up a little bit with a air dryer (this is optional) and managed to take ~80-85% of the paint. The remaining pieces were taken out a few days later using the same process, I did not want to use anything that could scratch the plastic underneath.

Will depend on how old/loose the paint is, if there are areas in good shape the paint will likely stay attached.