Short answer -- it doesn't work.
In his excellent book Understanding Wood Finishing, Bob Flexner shows through testing that coating all sides of a piece of wood with finish will NOT prevent wood movement problems such as warping, cupping, cracking, etc. That is, wood finished on all sides performs no better than wood coated only on the top. This is because finishes never completely seal the wood; the wood still absorbs water vapor and liquid. Finishes only slow the rate of absorption. Slowing the rate is inconsequential for moisture that is constantly present, like with ambient humidity or subfloor moisture content.
I'd be willing to bet that manufacturers have tried and abandoned the strategy of finishing all sides. It would be very cheap and easy to do, and if it prevented more cupping problems for the end user or allowed more installation possibilities, it would be a huge win for them. But it doesn't work; that's why they don't do it.
The issue of veneering both sides of a board is a different one. Finishing does not prevent movement in a board, but a glued-on piece of veneer WILL move differently from the board underneath. You don't want movement forces on one side of a board but not the other; the force acting on only one side will warp or distort the board. Veneering both sides will cause equal forces from both sides, a much better result.
Bottom line, when making cabinets, you DO have to veneer both sides of a board, but coating all surfaces with finish is a waste of time (for surfaces that won't be seen or stained from handling).
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