The energy requirements for surrounding an entire aircraft in an envelope of plasma is inevitably going to lead to overheating problems . Do you know that the F-35 has some overheating problems with it's avionics? Those problems are rather simple by comparison, and can be dealt with. The amount of energy required for plasma stealth, however, can't. Plasma stealth would also emit a lot of EM radiation - NOT very stealthy.
So while it may be effective at reducing an aircraft's overall radar cross section, the energy requirements would overheat the aircraft, all the while producing EM radiation. The whole point of a stealth aircraft is to reduce it's footprint across the entire spectrum - radar, IR, electronic emissions, optics (camouflage), etc, etc...
So with that, plasma stealth does not work, as it only reduces the aircraft RCS, while increasing it's footprint in other areas. It is probably far too expensive, and doesn't yield the desired results needed to survive on today's battlefield.