Yes, cut to fit the A/C void.

You would still want to cover and seal in the same manner as the other insulation, the vapor barrier is to isolate air movement through the wall.
I mentioned the foam board as it is easy to cut and fit, but even buying a bag of standard insulation is fine, but you may end up with a lot left over.

For the vapor barrier patches, you can use most any plastic. Painting drop sheets 4+ mil thickness would work well, just seal the seams with some proper tape