Thicker-than-1/8" plywoods are notoriously inconsistent in how well they work with a laser cutter.
All those inner layers are great places to hide horrible quality wood, filler, and use a lot of glue to make it all stick together. Glue pockets and knots will behave very badly. Worse, poor quality plywood can have good sized voids in them which are highly optimal to starting fires.
What @Jules said; you’ll need to experiment until you get the cut you want.
One tip? If you not sure of the quality of a particular make of plywood, rip a bunch of strips with a table saw or circular saw. That way, you can have a look at the cross section of the wood across a number of areas. Check for voids, filler, knots, etc… That will give you a good idea of what to expect with that grade and brand of material.
This is a quick photo of an exposed edge of plywood on one of my garage workbenches. You can see just how inconsistent those middle layers are. At best, this would cut with some massive flareups. Given how broken up that 2nd to bottom layer is, I suspect this stuff is also full of glue. It would behave horribly on a laser cutter.
(and, wow, I really need to level that cabinet door!)