Yes, air will move through wood structural panels under pressure. However, the volume of air that passes through the material itself is relatively small compared to other leakage paths like joints, seams and penetrations. Since air takes the path of least resistance, these gaps are far more significant contributors to air leakage than the panels themselves.
For more information, refer to APA’s Technical Topics: Air Permeability of Wood Structural Panels as Air Barriers, Form TT-107.