@NeedItCheaper one thing to consider when batoning, the edge does very little work when splitting wood. It created the initial penetration and then the rest of the work is done but the cheeks of the knife. There are a few anti-batoning videos showing how you can pretty easily baton with a butter knife. The thing with batoning to split wood is you're using the thickness to force the pieces apart so the the thicker blades help spread the wood faster than a thinner grind.
As far as strength goes, I've batoned a lot of knives and never broken one. This includes folders, slipjoints, thin hollow grinds, and thicker knives actually built to do this type of work long-term like Busse's, bushcraft knives, and what I like to call woods or camp knives because I'm not heading to the woods to try and get into a survival situation. Thicker blades, like some of the obscenely thick Busse's at 0.30" thick or more split really well... they just suck at cutting. There's more to it than just spine thickness but you get the point I think.
As far as your math goes, I think @bdmicarta did a pretty good job explaining the problem using volume as some type of measure for strength. We could take to the extremes, and infinitely thin blade that's infinitely tall (edge to spine) to get the desired volume and it would not do well batoning. You could use a thin kitchen knife if you wanted as an example, very thin and tall and could have a similar volume of a less tall but thicker blade. The problem with the kitchen knife is any side loading is going to cause it to bend drastically and could cause a break but it would also not lever the wood pieces apart. A better example might be a machete because people actually baton machete... not the best but it does the job. Going the other way, a really short in height blade that's little more than a wedge probably won't do you a favors either as it won't resist the vertical loads as well. In use, I've found the short in height blades are just annoying to use as they seem really prone to vibrations and shock. Trying to use a short sword, like a swamp rat rucki, as a golok was not enjoyable.