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Depends on what you mean by "specify" and what you mean by "inherit".
If your plugin adds those dependencies to the project it is applied to, then the dependencies are on the project where the plugin is applied to.
If your plugin code has dependencies that it needs for its work, then the projects you apply it to will of course have them in their build script class path so that the plugin can work, but of course not in its production class path.

The first scenario can be split in two:
• Your plugin adds production dependencies to the project it is applied
• Your plugin defines extra dependency configurations and use those to run its custom tasks.

Mine is the first scenario, I’m basically just trying to encapsulate a set of dependencies within a plugin.

Reason being is that I have generated projects that are updated by dependency bots and updating ~20 dependencies per project is painful.

Yes, you can do that. Or you could also publish just a version catalog and use that in your projects