I’ve been doing some research because I was just bequeathed a large lot of 1/8" masonite. I’ve read that sometimes masonite is problematic depending on the type of glue that is used to bind it. Some people have reported that their machines aren’t able to cut it well or at all, while others have no problems. So there is evidently a difference in glues by manufacturer. The masonite I have also feels smoother and looks just a slight bit shinier on one side than the other.
A common warning is that the process of manufacturing masonite usually involves formaldehyde so it’s a good idea to properly ventilate/filter.