I regularly repair stripped screw holes.  The preferred method is to
cut a plug in the correct grail orientation and insert it into the
re-bored screw hole.  Alternatively, a small strip or two of leather
glued in will compress and form new threads.  A toothpick, veneer strip
or matchstick will be chopped into little segments by the threads and
be useless.

CA glue can be used to reinforce weakened threading; a mold release
is applied to the threads (CLP) and the screw inserted a little deeper
than it needs to be while the glue sets on the unassembled piece.

Jon Page