Can't really add much to what Doug has said as he's covered the ground pretty well. I don't ever use paint stripper these days. I once used it to remove factory paint from a Matchbox toy when I was making a series of "Code 3" modified steam lorries. Very oddly the paint strippered ones refused to dry when sprayed with cellulose paint (yes, it was available then no probs.) if I sprayed over the factory paint it dried in minutes as cellulose will do. I hadn't had the problem before, but I certainly got it this time and I haven't wanted to use it since.
On wood anyway, I wouldn't use anything liquid as it could always soak in and do who knows what damage.
I would scrape the finish on your wood , but make sure you have read up on how to sharpen a cabinet scraper. The shiny ones are pigs to sharpen because they are stainless and you cannot get an edge on stainless. The best knives are NT stainless. As an ex clay modeller for the car industry, I can assure you that all slicks, which we called the thin flat scrapers, were spring steel. They had a nice gun blue finish, but would go rusty if you didn't look after them between contracts. Because you really need two hands to properly control a scraper you'll need to find a good way to hold the boat, but a sweet little job like that Sea Hornet will sit twixt your knees. Because you have all those fractures in a vertical way along the grain, keep your scraper in a diagonal way or it will pick up wood grain and damage the model. it may work if you work down the grain, perpendicular to the deck, so you are crossing the fissures in the varnish. I would suggest that if you want a varnish finish you will need to go over the wood with epoxy and possibly a light weight (1oz.) glass cloth. This will stop any tendency to split again. Surprisingly it does allow the grain to show still and after you have flattened the epoxy, you can then apply 2 or 3 coats, rubbed down in between as Doug says with a very fine paper, of a spar varnish. I have a no name tin which I am using on general stuff, from garden items to the spars of my "Vanity" model. When I did a model of a Rive Aquarama Special, I used an international Spar Varnish which has a slightly golden tinge.
Now, the hard part. No boat I can ever think of had wood in a vertical lay on the hull. Ecen double or Riva's triple layer was diagonal, finishing with incredibly well selected horizontal layers. The Sea Hornet would be improved no end, I am sure with a layer of horizontal nature. What passes for mahogany these days is horrible stuff (and I would say that on your boat could even be teak, which should never be varnished), so I always used Steamed pear veneer, which has no figure and a very close grain. Sanding sealer, then stain with you idea of mahogany(from an orangey colour to a rich reddy brown), then spar varnish. DO NOT stain the wood/veneer, always stain the first coats of finish. Riva do that too!
I want to know what makes you say the mahogany is the only stuff on the hull. The Sea Hornet has 1/16th" ply skins like all Aerokits, so why not yours?
Personally, I think it would look best if you painted the hull and spent your efforts on doing a nice laid deck in Pear veneer and caulking. A gloss black hull and a laid, varnished deck look very tasty, like a Greavette gent's Racer. Pic attached.
Cheers,
Martin
https://model-boats.com/media/np/s/200/1494407879