Certainly that is true for the firing sequence, both in the acceleration portion (firing) and the deceleration phase (your shoulder stopping it). I think the biggest risk however is accidentally bumping or dropping it. The weakest part of the gun is the wrist, and all those forces get concentrated there. The leverage forces trying to pry the wood apart through sheering force during the firing sequence are pretty small compared to those from bumping it when the gun is only supported at the top and bottom.
That's why grain direction through the wrist is so critical, as, when wood splits, it wants to split along the grain lines rather than across it. Small tight rings provide lesser sized cells (meaning less air in the wood) and stronger sheer resistance. If you have a lot of grain runout in the wrist, you have a rather short contact area between the rings that is effectively the wood's internal "glue line".
Wood species also makes a difference. Hard sugar maple has about a 25% greater sheer strength than red maple. There are numerous charts on that subject available in the public domain if you care to look for them, but you have to bear in mind that each individual piece of wood is slightly different.
In general, wood with a lot of curl in it is weaker than very straight grained wood. There is less "supporting wood" fore and aft of the force point to lend strength to the area of concentration.
Moisture content also makes a difference. Dry wood splits more easily than green wood, and there is a seasonality to wood moisture content.