Start from what the cleat is actually doing, because it is not carrying the load the way people assume.
The pair of angled strips converts the hanging load into two things: a downward force taken by the bearing surface, and a component pulling the wall-side cleat away from the wall. The critical failure modes, in order of how often they occur:
- The fixings pull out of the wall. This is by far the most common failure and it has nothing to do with your timber choice.
- The cleat splits along the grain at the fixing line.
- The bevel crushes or deflects under load.
So timber selection is mostly about resisting the second one. What matters is straight grain with no runout, no knots anywhere near the fixings, and adequate thickness so the screw has material either side of it.