I use Hard rock maple. In Canada I pay about $10.00 for a 6' 1x2 maple, Hickory is good, as well as oak, ipe, osage, elm and a few others. I'm sure others will chime in but if cost is an issue build a selfbow the wood is free for the taking.
I have built a few selfies but I get frustrated after working hard with the draw knife and hours later I break the bow. With laminates it takes me minutes to cut the lams and glue them up. Having said that the frustration level after a break is minimal.
I just prefer glue, sanders and saws over the draw knife, scraper and rasp.
PS. I'am not lazy, I have have a few years of wood working in the trade so this is my preference.