I just received an old American Monotype specimen book and it has Kennerley (and Goudy Oldstyle, and Deepdene, and no doubt lots more, given that Goudy was art director). Some previous owner stencil-knifed out some of the letters, though. It’s like that all over the book. Maybe to make ransom notes?
I would suspect for graphic design if it were entire alphabets cut out, but it’s just one here or there.