The darker of the two boards underneath it is a special kind of MDF called Extira. It’s basically just hardwood sawdust pressed together with a waterproof phenolic glue and heated to set the glue. It’s sold for exterior signmaking and also used for exterior trim on houses. When properly finished it holds paint well and lasts for a long time.
By painting the parts separately and then gluing them together with boatbuilding epoxy I avoid the fussy painting which would be required if they were carved from one piece. Still not that excited about painting. I’d rather just cut the parts and hand them off to someone who loves to spread colors, but I am getting better at it and I have found some high performance acrylics that don’t stink like good old fashioned oil based enamel.