Most common Blue or Pink foam is about 2 lb/ cu ft density , beadboard is commonly about 1lb/cu ft , but comes in much higher densities , providing similar strength and density as the Extruded foam ... and it’s lots cheaper ...
I still think the canvas is a superior covering , but the Paper would work applied thick enough , and especially as Bonnie said alternating the strips .... Paper has a grain ... easy to tear in one direction , not in the other .... much like wood , which it’s made from ... canvas, wood , paper , it’s basically all the same material , cellulose ... so you can see why this would work ...
I once made a 20’ tall waterfall out of paper mache for a Luau , took a couple days to make it and a couple days to dry ... worked so well after the Luau it was difficult to deconstruct , that after having water pouring over it all night .. And we didn’t use any exotic glue to make it , just Elmers , with a polyurethane varnish over the whole thing after it was painted to look like rocks with common house paint ... Tough stuff if you do it right !!!