A hot-wire machine can only make simple curves, not compound ones. But it could create a 3D boat hull by stacking multiple simple curves - think of a Viking longboat, with those long curved planks. Theoretically, you could program those curves and cut them with a 3-axis hot wire machine if you had the right software.. But it would be a lot simpler to make a series of shapes with vertical sides that would stack up and be refined by hand.
Hot wire machines can only cut certain types of foam - styrene-based foam is OK, but try it on urethane foam and the fumes could kill you. But cutting it with a hot wire would not only be a lot quicker, it would make a whole lot less mess than carving it with a rotary tool.