The issues surrounding solid wood construction in cabinet making and staircasing/doormaking are ones of technique. A very good reference is Fine Woodworking's "On Period Furniture". It's certainly easier to veneer composition materials, but it's not "better" than solid wood.

The grounding in early veneered work would qualify as high art today. The grounding was frequently built from true Mahogany – veneer was adopted as a way to achieve effects not otherwise possible or impractical (book matching, large radius curved work, etc...)

The difference between a Goddard highboy and a loudspeaker is that, whether you perceive it so or not, a loudspeaker is a machine. Machines have different requirements from furniture. Inertness of cabinetry is one important criteria poorly satisfied by solid wood construction.

Can you create a beautiful piece of furniture by veneering a composite ground material? Sure. Is it superior to a solid wood construction properly done? I don’t think so.