I am a certified optician and I have worked wood all my life: I know both worlds well. Here is the honest comparison.
Weight and comfort
Wood is lighter than acetate for the same frame. On your nose, after eight hours, you feel the difference.
Durability
Acetate is plastic: stable, predictable, the same for everyone. Well worked wood flexes and absorbs shocks, and with the protective treatment it resists water and sweat.
Uniqueness
Two identical acetate sheets produce thousands of identical frames. Two boards of the same wood never produce two identical pairs of glasses: grain, knots and shades make every pair one of a kind.
Repairability
A damaged acetate frame is usually replaced. A wooden frame built in a workshop can be repaired in the same workshop that made it, often within the day.
The material
Quality acetate is cotton based but it is still an industrial material. Wood is a natural material, and in my workshop we work with minimal waste: one board becomes several frames, and the offcuts become inlays and decorations.