Cost is debatable, it definitely matters whether or not you include your own time, and how experienced you are. I can knock out a glass tank (assuming glass is all prepped, work space is set up, etc) in a few hours. A wood tank is going to be a heck of a lot more time.
Take cost off the table though and I think it depends on your individual criteria. All tanks require proper engineering and bracing, and honestly the time it takes to do that is more a function of the person than the material. You mention "mucking around" as if it's a bad thing. For some of us, the "mucking around" is the whole reason we are in the hobby, we LIKE spending time on DIY projects - we're not DIY'ing because we want the fastest and least effort solution possible.
Wood can be light, which is a consideration in a large tank. You're not going to be able to put a concrete tank in a pickup truck to move it across town. I did that with my 360g tank. Before the glass was glued in, I could manipulate the tank (set it up on end, turn it over) by myself with ease, even when the glass was in. You also get a degree of freedom with wood - there are some shapes/sizes that are easier to do with wood versus other materials. And - as I was a good example - wood is fairly fault-tolerant and easy to repair. Have a seam blow on an acrylic tank and pretty much 100% of the time, it's scrap. Acrylic isn't tolerant of repairs, the material crazes when it's stressed more than once and doesn't take repeated work well. An epoxy lined wood tank is seriously, incredibly durable. I did a test panel before I built my tank, where I poured the epoxy on a scrap panel of plywood to mimic the finished work product. I then took a 22 ounce demolition hammer and wailed on it as hard as I could over and over. There wasn't so much as a chip or crack. Try that with glass, or even acrylic.
I could go on, but honestly I don't think it is even a valid argument, since I don't think there is ever a single "right" answer when this question is presented in a generic, theoretical manner. The only time this discussion makes sense is in the context of a specific person's preferences, tooling, experience, timeframe, and desire. I would never try to talk someone in (or out) of building a wood tank without knowing the whole context.