Well, target paper and target "tagboard" is made with short fibers. Office copier papers and photo type papers of higher quality are made with long cellulose fibers. Holes vs. tearing. Like many things, it's a matter of degree.
When older acid-bearing papers get into the yellowing stage, their fibers are broken down by the acid residues even more. I have about a half-roll of very, very old targets that will tear if you look at them sideways. They started out as short-fiber paper. If you made a paper airplane out of one of those, it might lose a wing in a stiff gust...