Wood burns, but modern suppression systems increase the time to evacuate.
Fires don't usually (hell, hardly ever) start with the structure wooden or otherwise, they start with the things inside a structure: wiring, upholstery, drapery, etc.
By the time the fire gets large and hot enough to fuel itself on the structure all of the occupants are already dead due to carbon monoxide and/or hydrogen cyanide poisoning, so the flammability of the structure is almost irrelevant to occupants.
Even in Type 1 (all concrete) and Type 2 (concrete and steel) structures, burning the structure's contents will kill every occupant the same as a building made wholly or partially from wood. That's why large steel reinforced concrete buildings have self-closing doors, smoke extraction systems, and areas of refuge: the building being on fire won't kill you, the smoke from the burning carpeting and paint will.
With the Station Nightclub fire, it started at 11:07pm. The wooden structure was compromised to the point that the roof partially collapsed at 11:57pm. All occupants who had not escaped were dead well before the five-minute mark (11:12) when flames were seen exiting the doors and windows with NIST estimating that anyone still inside the structure 90 seconds after initial ignition was already dead.
50 minutes for the wood to burn, 90 seconds for the stuff inside to burn and kill you.
All of that being said, wooden structures are more dangerous to firefighters due to the risk of collapse long into the fire as suppression and/or search and rescue operations are occurring.
Not familiar with the specific wood composite used in this construction, but generally wood composites fare really well in this regard. You can mix fire retardants into the adhesives and they char, which creates a sort of protective layer. They're not fireproof, but they're both hard to get going and they usually burn very slow once they do. Another good property is that they burn predictably, they don't have catastrophic failures, but gradual ones.
