You aren’t wrong about PVA carpenter wood glue. However all the laminated woods I’ve heard of are bonded with high temperature adhesives more like that used in construction plywood.
It still needs to have all surfaces sealed, or as a whole it will swell and shrink with changes in humidity if not sealed, but it’s minimal.
There are some laminated woods that are epoxy impregnated and completely waterproof, such as knife handles, but it’s my understanding wood for stocks are not that.