I generated my .nc for a hardwood milling project for which I ran a successful test in plywood.
What I altered for the hardwood program in MeshCAM is the depth of cut only, which I made .03. Everything else remained the same.
When I run the program in CM v2, however, the first roughing pass is made at a depth of .112. (Same result using CM v1)
Changing the depth of cut and regenerating the .nc from MeshCAM has no appreciable effect on the first roughing pass depth, always nearly 4x deeper than it should be.