Especially for thin, splinterable materials - as multiple thin-plies:

Forstner bits ie. those with this bit shape:

|\ufffd\ufffd\ufffd|
~v~

with a small point and sharp outer edges, also with a narrow cutting 'vee'.

Natch it's also great for blind holes, as for a peg. Dunno about 2" dia. ones, but some flat bits with this shape come in pretty large dia. - needing pretty slow speeds to swing that large radius. I'm not sure how well these compensate for the awful physical composition of particle board though (?)

In normal wood these produce the cleanest holes I've seen. They are also difficult to resharpen, so best reserved for quality work. The flat ones are easier to sharpen, if you have assorted round-ish stones and some patience.



Cheers,

Ashton