I currently use it for cabinet backs and, in some cases, cabinet panels, e.g., on a tool cabinet. In the past, I’ve used it for the cabinet itself, but then the joinery was with pocket screws. Ply comes in many grades depending upon the quality of the surface veneer, whether there is high quality veneer on both sides, and the presence of voids. One thing to be aware of with ply is with regard to finishing. Especially if the surface veneer is particularly thin, there is a barrier of glue very close to the surface and this can affect how the surface takes color and finish. Since the surface veneer is thin, there is very limited opportunity for sanding and even less for planing to level up surfaces or to remove defects. Around here, a 4×8 sheet of 3/4″ oak ply is $55 in the home center. Let’s call it 60 to $65 if you found higher quality. Even so, 32 sq. ft at $65 works out to around $2 per board foot, which is cheap for an oak surface, especially if you can find quality ply that hasn’t been mishandled.
Those are the pros and cons that come to mind. Of course, the mixed orientation of the plys means that, no matter how you run your tool, you are going to worry about, and likely experience, break out at the edges with hand tools other than saws.
If I had a number of cabinets to make, say for a kitchen or bath, I’d definitely consider making the carcases from ply and then adding solid wood face frames and doors. The bulk carcase work wouldn’t be hand tools, though. I’d reduce the ply with a circular hand saw and track / fence.