PEG is a wood stabiliser, if wet wood is immersed in PEG the chemical displaces the water and prevents shrinkage and cracking. PEG is food safe and inert.
Best to get the wood as close to the finished size as possible as PEG will only penetrate 50mm and thicker sections take some time to treat.
PEG makes the working of the wood easier and reduces tool wear, Sanding is difficult and wet and dry paper is recommended. Glueing needs either Cascamite type glue or two part epoxy. Finishing can be problematic, Danish oil is said to work well and Chestnut Acrylic mey be worth a try.
PEG can rescue splitting pieces, first soak in water until the split ( hopefully ) closes and then transfer to PEG