This absolutely does set up like fudge. My favorite way to use it is to frost a yellow sheet cake. I have never tried it with other flavored chips, but it should work out just as well. When frosting a cake or cupcakes, work as fast as you can because it does begin to harden like fudge before too long.
From the kitchen of Linda Jolly.
From the Family Recipes Collection of Linda Ann Jolly and Lisa Marie Stephens.