It’s super thin, but you’re still removing material from both sides of interlocking pieces.
You can see where I experimented a bit with this:
First attempts:
https://community.glowforge.com/t/cont-im-puzzled-chipboard-and-photo-paper/11458?source_topic_id=13637
Second attempts and improvements:
https://community.glowforge.com/t/chipboard-and-puzzles-and-varnish-continued-again/11603?source_topic_id=13637