Yes, those replaceable carbide and synthetic PCD diamond inserts and a tool holder make a great fullering sen cutter. These tools can be as fancy as you want, with screw clamps and adjustable guides ... or as simple as a piece of wood with a square hole in the center and a wedge tapped in to hold the cutter.
Some folks use a sen that is like a draw knife to remove metal from flat surfaces. With skill, you can cut shavings of metal rapidly.
It would not work right to draw the blade across the cutter. You need to constantly adjust your angle as you cut and chattering would be a big issue. These draw knife type sends are usually made from tool steel or old files.
In the modern shop, a grinder and a 36 grit belt will remove steel faster and with more control, so a sen is more of a traditionalist type tool. The fullering sens are good tools to have.