That is the consensus and conclusion I came to, as well. However, it is hard to find under that name at any reasonable price. Port Orford Cedar grows in the PNW and I can find PNW cedar. If it were the same, I would think it would be marketed under the name Port Orford Cedar.
I made my hatchboards out of Spanish Red Cedar because it was available. It's nice wood to work with, but it is very light, it splits easily. I really don't think it is even a good wood for a hatchboard. I chose it because I thought mahogany is too dark for wood burning. I've since burned mahogany and it is dark and lacks great contrast, but it burns really nicely. The image is smooth and even and clear. I also plan to embellish the yuloh.
I'd go for the lighter cedar or spruce as weight seems to be the main objective (I think?).
Weight is a consideration, but it isn't the biggest consideration. I don't want a 16' oar to be hard to handle, but I don't need feather light either. Ash and white oak seem like it would be heavy. If cedar is strong enough, I'll go with the light weight as the deciding factor.
Before composites, racing oars where made hollow from spruce. That's a lot of force on a piece of hollow 2" wood.
-Will (Dragonfly)