If you were to only invest in Wood, you would not gain any extra Equipment Weight, and would always consume and gain the same amount of Spirit from Attacks, Deflects, Martial Arts and Wizardry Spells.
However, this does not mean that the other Virtues are irrelevant. This makes it the only Virtue in the game which specializes in 3 different categories, making each stat point more valuable from a technical standpoint. Wood is special because it is the best Virtue for increasing HP, and also increases Spirit Defense and Spell Duration. From a technical point of view, the Wood Virtue would be the best Virtue to level up in Wo Long: Fallen Dynasty. The 5 Phases are all useful in particular areas of Combat, with each Virtue having 3 specific respective stats that will increase the more points you place into the respective virtue (All Virtues will increase HP as well as 2 other stats). What Virtue Should I Level Up in Wo Long: Fallen Dynasty?