The other cheap material worth knowing is agar, which sets a firm clear gel from hot water and is genuinely edible, non-toxic and very inexpensive.
It sets like a firm jelly and, unlike gelatine, it does not melt back at warm room temperature — which matters under stage lights. Colour it with food colouring, or make it opaque with a little titanium dioxide or even milk powder.
The drawback is that it is water-based, so it will eventually dry out and shrink unless sealed. For a run of a few weeks that is fine; for a permanent display it is not.
A third option nobody expects: plaster or joint compound, thinned to a pourable consistency and tinted. Cheap, opaque, sets hard, heavy. Good where weight does not matter and excellent for anything meant to look like a thick paste.