Guys select wood for different reasons. Some it may simply be what is available at the local big box store, some may be trying to combat toothy critters and select harder/dense woods, some select wood based on the workability, and others properties of the finished baits.
I make bass lures and typically use basswood and some balsa. I like them both for different reasons. The basswood is nice to carve (probably one of the most selected by wood carvers based on properties). Overall it lends itself to a high degree of modification with respect to weight placement to get the actions I want. A more dense wood behaves a little differently.
Balsa I like because it makes for a very lively buoyant bait. Around cover they are great due to the deflection properties and quick rise and helps to reduce hang ups. I like to make some smaller balsa sammies for creek smallies. They are some of the "snappiest" versions I have fished and can be cast a mile. Besides lighter 2 part polyurethane foam molded lures haven't found much that is close.
If I was making larger lures for muskies, pike, or some inshore species would select something a little more dense. I would also likely be using power tools more often.