Unfortunately it's more of a legacy feature for platforms that don't support alpha channel and it's currently not implemented in any default plugin.
I could still easily implement the feature though. However, in the case of .jpg images, it's unlikely to work properly as the JPEG compression alters the pixel values and you will end up with weird color patches and transparency that will not match the original contour.
Comments
Unfortunately it's more of a legacy feature for platforms that don't support alpha channel and it's currently not implemented in any default plugin.
I could still easily implement the feature though. However, in the case of .jpg images, it's unlikely to work properly as the JPEG compression alters the pixel values and you will end up with weird color patches and transparency that will not match the original contour.