I don't think it is suitable. You should ask on Primitive Archer (PA) there are many more bow builders on there.
On the other hand the term 'Mahogany' tends to get badied about willy nilly for a variety of tropical hardwoods.
I don't really do much in the way of laminates...
A good trick is to test it by making a miniature, say 1/2 or 1/3 scale. it's a lot less work than a full sized bow and can actually perform remarkably well. It will give you a feel for the wood.
Del
PS I just searched on PA and found these posts about Mahogany..
"... None will work. It's a bad combination of too low a density, and the short irregular fiber which makes up the wood.."
Another post
"I think all of the asian variety mahaganies are not useful as bow woods. There are some south american varieties which are not true mahagany that can make decent bows. Santos mahagany, honduran mahagany are two that I have had some success with but I wouldn't go out of my way to buy any of it. ."