Lots of ways to do this. If it were me, I’d use the pen tool to draw vectors in the shapes of the cutouts (easy to tweak the vectors), and then use them as a mask. Using a mask is a non-destructive solution.
But using a mask is probably way faster and as mentioned, less destructive.
You can apply multiple masks over one image by making the mask a compound path.
A mask would work. However, if it were me, I’d probably duplicate the layer, make the original layer invisible as a backup, then cut chunks out of the duplicate using the lasso tool while using the shift key. Then again, I’ve been known to do things differently than most.