Soldering irons make a quick hole but, the smell awful and look pretty amateur.
Dremels will work but you want to pick the right cutter size and speed for the material you are working with.
Drills also work without cracking if you just clamp a board to the back side of the plastic. This supports the plastic as you push the drill through. The speed of the drill also plays into this but to a lesser degree than with the Dremel.
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