It makes a LOT of sense to firestop penetrations even in wood. The idea is to slow down the fire, giving occupants a little more time to get out, and delaying the spread of the fire until the fire department arrives. Just recently in my neighborhood, a fire started in the garage. Ultimately the garage was completely comsumed, but the residents got out, and the house itself, while suffering some damage and smoke, was saved by the FD.
I think it is true, however, that the special intumescent fire calks are NOT required in residential single family construction.