Timber material properties are not the limiting factor.
Manufacturing and supply chain inefficiencies with timber limit its use. The brits pretty much exhausted their supply of oak in the late 1700s. The same occurred for yew for long bows much earlier. This shortage, in part, allowed the iron and eventually steel
driven industrial revolution.
Much of the innovation was driven by defence. Here timbers material properties, principally toughness and hardness are vastly inferior to modern steels in terms of ballistic protection.
If you're building small ships with low tech tools, and you can source your timber locally, then timber is a great option.
To meet modern codes and to be able to demonstrate compliance, without extensive testing then you would find timber to be uncompetitive to steels. Mainly due to its variability from lot to lot.
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