Hi Joe, I think this is the same material I have used a few times as backer boards. I have also cut some key chains. The material I have looks like plywood but doesn't have the nice grain like what you posted from Lowes.
As far as pricing, I can get birch and maple 1/4 plywood 2' X 4' for about $15. It's been about a month since I last purchased any so that price may have gone up or down.
I think it would work well for ornaments. It's light and by stack cutting you reduce the chance of breakout on thin cuts. Good luck!