Can you explain why you think so?
It used to be used in lower cost and bar cues.
Some true mahogany is fairly heavy/dense. Much more so than listed on the wood database.
Friend just had some from a project we were doing ID'd by NFPL it was so heavy/dense. It was true mahogany.
However, definitely not up there with typical cue butt woods which tend to have specific gravities past .90 & high janka numbers.
Most true mahogany is about the same density as black walnut (not very) and black walnut has 10% better Janka rating. You never see it in cues unless it is "claro" or burl, stabilized, and cored.
Bottom line, mahogany just is not very sexy in terms of rareness or cost, nor interesting looking in typical cue butt sizes, and it does not have the mechanical aspects to make it worth overlooking bland appearance.
As others noted, if you have a spectacular piece and stabilize (densify) and core it, you can use almost anything.
smt