I test 2 sets of undersized router bits, one from Yonico ($26) and one from Whiteside ($62). I actually measured the plywood (.217in) the Whiteside 1/4in (.221) and the Yonico 1/4in (.201). Remember your results may be different. I can take 3 measurements with my cheap calipers and get 3 different results.
These are affiliate links, they cost you nothing but help the channel out.
Whiteside undersized router bits: https://amzn.to/4aKPEwz
Yonico undersized router bits: https://amzn.to/3Hb6B5L
MicroJig Dovetail Clamps https://amzn.to/35PhR8E
JessEm router lift: https://amzn.to/41StvrW
Setup blocks: https://amzn.to/3HcwP7Y