Hair thin anything can look transparent though. I seems to be paper thin.
As building products go, I believe rot resistant glass infused wood as a substitute for pressure treated wood is a more useful product specially in humid regions.
From the article, the process involves 1mm thick pieces of wood. But it's reasonable to assume that a thicker plywood could then be made out of those 1mm thick pieces and would maintain a lot of the translucency.
even if it's not completely transparent and can not be used in a window, it could still be useful as a wall material to let some of the daylight into the house.
As building products go, I believe rot resistant glass infused wood as a substitute for pressure treated wood is a more useful product specially in humid regions.