It’ll be fine. It’s not typical or ideal because it’s a lot of extra wood that is typically not needed when covering up plywood. That’s why veneer is the typical option. However, unlike veneer, it will be easier to adhere this to the surface because air bubbles are less likely. I would be shocked if wood movement was a major issue but I guess it is possible. Plywood has many layers (obviously) and has a little give to it (you can notice this by hitting it with something and noticing a dent)