Wood chips
Short answer no.
Long answer no-ish.
Almost every type of wood will have natural chemicals that are harmful for insects. Cedar, cypress, pine, fir, and other strong smelling chips are a hard no. Rule of thumb if you can smell the chip, then it is bad. The rest of the wood you would use will simply break down to quickly to be any use. Anything that will last, will be bad to use. Remember trees store toxins in their fibers, so any pesticides and toxins will be given to your culture.
Basically nothing you can get that will make a substrate is going to be as cheap as peat or coco coir.