I use wood chips almost exclusively for a number of reasons; they let water/oxygen move to the roots more quickly (less compaction than finely shredded mulch) and - most importantly for me - they break down more slowly so I don't have to replenish as often (maintenance issue with lots of trees).
Apply a 2- to 4-inch layer of organic mulch and no more; use less if the soil is poorly drained. More than 4 inches may harm the tree's root system. An important point
... "If using finely textured or double-shredded mulch, use 1 to 2 inches since these materials allow less oxygen through to the root zone."
Really nice / informative piece on mulching trees from Penn State.
https://extension.psu.edu/mulching-landscape-trees