Adam,
That is the only reasonable sounding explanation I could come up with myself but I haven't convinced myself it's right, for one thing, even pushing down very hard doesn't compensate fully by any means. Also the vertical fibres are after all, glued to the horizontal ones next to them and I think that should keep them stiff.
Evergreen, I don't think the glue makes a difference in being tougher to cut - it's not noticeable for instance when planing laminations with grain all running the same way. Also simple resistance to cutting would encourage me to reduce the blade setting, not make it coarser.