Good boats can be built of wood, fiberglass, steel, aluminum, carbon fibre, and cement, bad ones as well.
Advantages of one material over another depend on intended use, budget, availability of the material and labour skilled in its use, and longevity or cost/benefit.
High-speed boats require light and stiff materials to be possible, heavy displacement boats can be built from anything but super-light construction may be detrimental.
One measure of a materials usefulness might be stiffness/weight ratio. Steel is quite stiff (it resists bending) but very heavy. Carbon is even stiffer, but very light. There is a huge difference in cost between the two. Fiberglass is not very stiff, but it's cheap so you can use a bunch, which makes it heavy, but that's okay because HP is cheap....er....well not so much any more......thus the proliferation of cored fiberglass today.
Another measure of materials is fatigue. We've all bent a piece of copper wire three times and it breaks (reached it's fatigue limit). But bend a similar piece of wood and nothing much happens? Keep on bending it.....hummm.....nothing....when will it break? Well it might not....high fatigue limit. It turns out fiberglass fatigues fairly quickly, as does aluminum (especially in the welded state), steel more slowly, and wood has the best resistance to fatigue. But wood has other drawbacks, low resistance to moisture, lack of availability, etc.
Each material and construction method has both advantages and disadvantages. And each application can use those advantages or not.....