Wood bracing is often used in projects that are relatively light in weight. Custom wood braces are usually cut to the forms, and they might be laid horizontally to support a form from below, such as when concrete is being cast for a floor slab, or they might be put in vertically like a fence to act as a support wall. Wood is cheap and easy to form to fit the needs of the job, but it lacks strength for bigger projects and isn't the sort of thing you use time and time again in many cases.
Steel bracing is much more common with heavier concrete forms. Steel pipes can be attached in grid patterns that are similar to scaffolding, and they can be formed into a variety of shapes. Steel is much stronger than wood, and it's usually used in multi-story buildings to help brace the floors above while they're being poured. Steel is expensive though, and it's meant to be used over and over again so if you only have a single formwork brace as part of a single project, steel may not be the best investment.
Plastics can be a good middle ground for formwork bracing. Stronger than wood in many cases, and cheaper than steel, plastics can be used to create bracing walls or webs around formwork. Plastic can also be molded and cast to fit any particular measurements, so it is an adaptable material to create bracing. Like steel, plastic bracing is meant to be used over and over again, and it can be recycled when it's no longer usable.