Plenty of people have made model submarines from wood, however all the ones I've seen do start to deteriorate after some use, and require persistent maintenance to maintain a nice look.
The wood you mention may be waterproof, but the adhesives and paint sticking to it may de laminate more readily from a wooden surface than a plastic one. Submarines are far more demanding of materials than surface vessels, as they have water pressure to deal with, and are completely enveloped in water when submerged
I would say it's essential to line the inside and outside of the hull with a layer of glass and resin, preferably epoxy resin as it's thinner and more sturdy than polyester. Resin used on its own will be insufficient, as it has little tensile strength, and with the movement in all the pieces, it will fracture and let in water.
The other downside to using wood, is that you need to use fairly thick cross section of material when compared with say glass fibre, this means lots of displacement- which in turn leads to a heavier boat and bigger ballast tanks.
So plastic is a much better option, wood can be used, but just be aware of the points raised above.