I would say it depends on how old. About two years ago we got a job to remove vinyl on an 8 year an awning here in South Beloit. The Vinyl started to rip the fabric as we began to pull it up.
Rather than opting for a new awning that goes around the entire building, they decided to just paint it black.
Worked out pretty good because they were only in business two weeks and someone else moved in right away. It was the same sign job just different graphic in less than 6 weeks.
However the 2nd time we tried to remove the lettering, it peeled up okay but removed some of the paint. So it had to be repainted. The 2nd time it was painted we got the wrong paint, A latex paint instead of a oil based enamel and we had a real tough time getting the vinyl to stick, so we had to repaint it again, with a enamel.
Now that was basically cloth not vinyl, but we do use Rapid Remove on some vinyl banners we change dates out on and its never been a problem. But as usual I would put a small amount in an inconspicuous spot just to check, be sure to let it sit for several hours before proceeding 100%