Actually Balsa has a lot of very good properties--better than foam in many ways. As long as it is sealed, it remains good.
I have gone offshore many thousands of miles in a boat which was primary balsa for the entire hull. (Balsa Planks). That boat hit a container at 8 knots (we were trashing to windward and because of noise pounding etc, don't know exactly when the strike occurred.). However, the end of the container punctured the outer 1/2" fiberglass skin. It impacted the balsa, delaminating from t he interior 1/4" glass over an area of 25 sq feet. No water intrusion. If that had been a conventional hull, it is very likely that the boat would have been holed, taken on water, and potentially sank.
The shear strength of balsa is excellent--and one of its major pluses, as is the rigidity, and relatively lack of compressibility. That is the reason that balsa is still used in many new boats today.