Well...siding is all about the style of architecture and the scale of the house.

Builders tend to go for the largest siding available in order to reduce the labor and time for installation.

Architects, on the other hand, tend to be more concerned with historical accuracy and appropriate scale for a given design.

My recommendation for this house is nothing larger than 6" weather. Since the house is small, you could even do 4" weather.

Expect to pay more for what is architecturally appropriate, and takes more materials and labor time.

You are probably talking about lap siding.

Clapboards are cedar or pine, 6" tall , 1/2" thick at the bottom tapering to a point at the top. The overlap is 2" or less so 4" or more is exposed to the weather. Pine clapboards are usually painted and rough or smooth cedar can be painted, stained or left natural. I've heard of a composite clapboard called Everlast in Ashland, MA.

Maibec makes a very nice rabbeted bevel siding.:

Lap siding roughly mimics clapboards but the boards are not tapered and don't sit as tightly to the wall and are taller. They can be made of different synthetic materials from MDO covered wafer board to fiber cement, etc. and are painted in the factory or the field.

I'd go with the Boral siding if you can't afford red cedar. The Boral is tapered exactly like a true cedar clapboard. 1/2" x 6, 4" to the weather.

If you have the $$, you can get 1/2 x 4" cedar and install them 2 1/2" to the weather, there's quite a few antique capes in my area sided this way.

Boral TruExterior Poly-Ash (fly ash and polymers) composite siding is superior to any composite (fiber-cement, etc.) siding on the market but, unfortunately, the bevel (clapboard) shape was discontinued in October 2018 after less than 2 years on the market.

They still make their other shapes. See below.

I have always liked the cove (aka dutch lap/novelty/dropped) siding with either no corner boards or 1x1 corner trim. That's why I would put on the OP's house to give it a strong horizontal feature to contract the tall vertical windows. Clapboards or HardiePlank would not be strong enough.