Laminates for proper instruments are quite different from ordinary ply, and range in quality from poor to very good indeed. Kiwaya make an all laminate ukulele which costs as much as a Martin and is of comparable quality - i believe the laminate costs them more than solid wood.
Decent laminates are used for many inexpensive (ie better than merely cheap) instruments because they have consistent properties. This means they can be built to plan, rather than requiring individual attention as solid wood does because even consecutive slices from the same billet can differ substantially.
Laminates can also be preferable for performances sometimes - they move less with heat and not at all with humidity, so you don't need to retune constantly. Plus they have a narrower dynamic range so are easier for the sound engineer to mic up.
All that said, solid wood allows a greater complexity of sound and range of response if the builder is good. The artisan builder can't get hold of instrument laminate, and why would you want to as solid wood gives you the chance to produce something individual and special.