Well for something like a lost knot you can glue in a small piece of dowel, that can work quite well. But you can make a very decent filler as needed from sanding dust or fine sawdust and some glue. Epoxy is much favoured for this these days and it works really well, without an excessively long hardening time.Estoril-5":3nklp6tv said:I try to minimise screw holes where possible so minimum filling but recently I fitted some pine architrave and the knot fell out and a decent filler would have been ideal.
I think your main requirement for filling on the toy chest is strength rather than flexibility, and wood dust + epoxy has that in spades too. It's not what you'd call flexible like caulk if flexible, but it does resist movement enough that it won't crack like many standard wood fillers.