Wood is dimensionally stable along the grain. It expands and contracts with changes in humidity across the grain. For the purposes of a view camera, a stable wood (not prone to twisting) like mahogany or even cherry, maple. or walnut - even properly dried pine - is perfectly capable of maintaining the tolerances. The only location seasonal expansion/contraction could be an issue is in the ground glass frame, but that backset (~1/4 inch) is so small, whatever percentage of expansion occurs would amount to practically no measurable change.
@Kino -- great job! I have a Korona 5x7 that needs a new bellows but I'm going to make it when I get a chance. Mine also needs some structural repairs, since it was smashed apart when I got it. (I put it back together but it would benefit from some remanufacturing.)