Another quirk of American home building history is "balloon framing" that used long, continuous studs for the exterior walls that could rapidly channel fires be

Another quirk of American home building history is "balloon framing" that used long, continuous studs for the exterior walls that could rapidly channel fires between walls. The modern method is called "stick framing" where floors are essentially stacked up which creates fire breaks. So not all wood construction methods are equal where fire safety is concerned. Modern homes will certainly burn, but you should have a reasonable amount of time to escape at least.