Donut shaped hotspots?

I'm creating something that works like this: User clicks on a button and a layer is shown. When they move their mouse a certain away from where they clicked, that layer is hidden again. The way I'm doing this is by drawing a large donut shaped hotspot, but it's pretty unwieldy drawing something like that.

Are we able to draw donut shaped hotspots or can we erase specific parts of hotspots? I'm reminded of how you can choose to add, subtract, or select junctions in photoshop using the select tool.

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