This is what we use in the vinyl siding industry. The only problem is it has to be installed before the siding. Some of the new ones are 3 part so you attach the flange first then the built in electrical box then put your siding then snap the cover over.
What i do and prefer is using a pvc light box like this with no mounting flanges. I just screw thru the back on the inside of the box then the fixture hides it all.
The good thing about the cladding you have is you can easily unscrew the panel enough to peel it back to do any of this work.
You can either trace and cut with left or right snips and get a fairly clean hole.
If you want to insure there is no infiltration of water find a color match caulking made for your cladding or metal roofing and seal around the gaps.
Good luck
Gio