Yeah - standard untreated Structaflor (particleboard) is just wood fibre and glue. Termites will chew it same as softwood if they get a path in. Happens more than people admit around older raised floors and poorly sealed wet areas.
Different product to the H2 / Termite Treated Structaflor though. That one has the preservative in it (often sold with a blue-ish edge mark) and is the one makers call termite resistant under the H2 rules. Yellow / red / blue tongue on the normal sheets is thickness coding, not automatic termite treatment.
Even with treated flooring you still want a proper barrier system under AS 3660 and annual checks. Treated sheet is not a magic shield if they bridge over the barrier through garden beds or a slab crack.
