I don't think it'll crack but if you drill straight through it'll probably be really rough on the side the bit comes out, could tear some chunks out of it. Might even tear chunks on the side you're drilling.
I'd use a hole saw with a centring bit in the middle and drill half way from each side so the hole finishes in the middle. You could also put tape where the bit is going to cut into the wood to try and keep the finish, or run the bit in reverse to start each side to score the wood. EDIT: And make sure to clean out the bit as needed that particle board might be more glue than wood and it could get gummed up.
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