Yes, I think mahogany back and sides sound very good for fingerpicking while rosewood sounds better for full chords. They're both quite good in any case.

I've been looking at some large Talor guitars, "Grand Orchestra" body type, and they sound really good. The back and sides on those are "ovonghola" or something like that, can't quite remember the name of the wood.

My favorite guitar that I've owned is a Martin D-28H with rosewood back and sides.