As long as one works on a non-flexible support, it works as well as does modelling paste, and it's a fair bit cheaper especially when you purchase by the gallon. If you're working on a canvas, however, I recommend Liquitex Flexible Modeling Paste, which will offer the 'give' you need on a movable support.
Here I selected a mat board and some thin plastic and metal grids.
Discarding one due to the thickness of the plastic, I placed the grids over the mat board, and applied drywall compound liberally with a palette knife.
left the piece to dry thoroughly overnight.
Now tell me you'd enjoy renovating a room more than this kind of play!