I have been using wood chips for years to cover large areas of my property which had sandy dried out soil. It's done a great job enriching the soil in those areas and we now have more lizards, toads and small snakes not to mention earth worms wherever you dig up.
They do a great job with weeds, if thick enough but as they break down or in thin areas, weeds will return.
Over the last 12 months we have several areas that are flourishing with "stinkhorns" google it...Literally look like cock and balls and smell like rotting flesh

supposed to be a sign of a healthy ecosystem and nature running its course... could do with a little less health. In fact we get some crazy looking types of fungus, which is neat and thankfully they don't all smell.
I use them in my pigs yard to keep down the dust and help with mud when it rains.
We also use them in the vegetable garden each year to keep the weeding to a minimum and as it breaks down it turns the soil dark and rich. In areas where we don't use them I put large rings around trees to help with moisture control during the summer.
I also add them to the compost pile with dirt and the pig poop and it supplies the carbon required.
Not a termite in sight. Well, we have termites but they are busy eating the dying trees and logs.