I have found it all depends what the final goal is. If all you want is to “cut” out a plane (or other shape) with an image then use the “alpha” channel of your material. Black will become transparent and white will be fully opaque with other values in between being semi-transparent. Below the waves object is an example of this. The “invert” node allows one to flip which part you want to become transparent. If the image has an actual alpha channel then you can use that.
But if you want to create geometry from an image like the blue symbol in my screenshot then something like Leafig [$] works well (I’ve been using this for some time now and I find it gives the best results). I use the distance option with mostly b/w images but it works with color images also.
Another example use of Leafig:
Here I used your Christmas png (which has an alpha change) and Leafig gave me this (see screenshot for the parameters I used). The resolution of your xmas png isn’t very high but I believe you can still see what it can do. This again is a plane but you can further modify it as needed along with adjusting the node tree as needed.
Here’s a quick render also:
Cheers and hope this helps also!