Honestly, there are too many variables to give a simple answer.
Some things which affect your optimal cut depth:
- Spindle speed (RPM)
- Feed rate
- Tool geometry*
- Tool material
- Tool diameter
- Wood type**
- Rigidity of your CNC machine
*Tool geometry can differ in the following ways:
- Number of flutes.
- Cutting angle/rake angle
- Straight or spiral flutes
- Special chip-breaking edges or other features of the cutter
- Flute clearance depth
- End geometry (if not doing a through-cut)
**Wood type - even with plywood, there are different kinds of ply. Your "standard" marine-ply may cut very differently to e.g. baltic birch ply.
More generally also, composite materials (plywood is a composite of wood veneers and an adhesive - usually a formaldehyde resin) can be quite wearing on cutting tools - moreso than even very hard solid wood species.
You haven't listed much about the type of cutter you're currently using, but generally, you can get improve cutting performance by:
- Going from a straight-fluted bit to a spiral-fluted bit. Note however that a spiral upcut bit will cause tear-out on the top edge. If you are through-cutting the board in one go, you may want to choose a "compression" bit, which has an upcut at the bottom, and downcut at the top, which greatly reduces tear-out on the faces, particularly for laminated materials.
- Going from HSS tools to carbide-tipped or solid-carbide, or at the top end, polycrystalline diamond (PCD) - these get more expensive as you go up the scale though.
- Upping the RPM - so long as your CNC and other important components (collets, toolholders, etc.) can handle it.
- Selecting chip-breaking or hybrid tooling for your router bits. If the finish on the edge of the pieces you're making doesn't matter too much, you could also use a "roughing" cutter - these usually have "serrated" edges which assist in chip-breaking and clearance, giving faster, more efficient cutting performance at the expense of finish quality.
Ultimately, unless you buy a router bit from a manufacturer who has done the testing specifically on plywood and can give you guidance as to RPMs and feed rates (which, if you were a manufacturer buying from an industrial tooling company, they would), then selecting the right speeds is usually a matter of trial and error.
I'd like to also redirect you to my answer about spiral router bits, which goes into a lot of detail about using router bits in general, here: When should I use a spiral router bit?