Unless you're Jeremy Clarkson and don't pay attention to placement and / or hot dripping oil and it catches on fire :P
Yeah, wood [was] very common for making wings and the sorts. Back in the day it was the cheapest material a lot of people could buy, and there are super light woods like Balsa. Sure it would shred if it ever hit anything, but hey.. that's why you spent $3 on wood instead of $50 on metal that would do the same.