Many research papers highlight the positive impact of wood densification on mechanical properties of solid wood as well as wood veneers. Previous experimental studies comparing densified to non-densified wood materials of the same thickness consistently demonstrated higher strength properties in bending for densified materials. However, these studies often overlooked an important comparison: the strength and load-carrying capacity of non-densified wood material to its densified state, in which the thickness is reduced and thus the material’s moment of inertia. The current study, aims to address this gap for plywood made from low-quality, underutilized hardwood species, encompassing both non-densified and densified veneers. Additionally, these plywood panels are compared with high-quality birch plywood. Plywood samples made from common aspen (Populus tremula L.) and black alder (Alnus glutinosa L.) species, incorporating densified veneers, are compared to conventional silver birch (Betula pendula Roth.) plywood. The study also considers material utilization efficiency. Results showed that plywood made from non-densified aspen and black alder veneers exhibited comparable strength to standard birch plywood, positioning them as competitive alternatives to high-quality wood species. While densified black alder veneers increased strength in average from 83.6 MPa to 126.3 MPa, a loss in load-carrying capacity was observed from 1930 N to 1637 N due to reduced thickness and moment of inertia.