Should I treat my stick like it is a machete, or just a stick?
This is an interesting question because it really depends on what you're doing. The underlying topic here is in the movement and techniques - are they in the context of a blade, or of a stick?
At a high level FMA styles can categorized as either blade-based or stick-based. If the art is blade-based, the stick might be used in training for practical reasons (ease of access, low cost, safety, etc.). So in that context, it is understood that the stick is simply a proxy for the blade, in the same way that in Japanese kenjutsu a wooden bokken is used as a training tool for an actual katana - the movements are the same, so therefore in that context the answer to the question is yet - treat it like a machete.
However, since I practice primarily with a stick, I will speak instead from that perspective:
The bolo (or machete) and the stick are fundamentally different tools and as such have different applications. The bolo is used for cutting and slashing (I'll ignore chopping for the purpose of this discourse) while the stick is used for striking. The slashing motion involves sliding the length of the stick through the target to cut it, while striking involves imparting direct impact force. These motions have different mechanics so the immediate answer is no, you shouldn't treat your stick like a machete.
Also, there are things you can do with a stick that you can't do with a machete, like anything involving grasping anywhere along the length of the stick where a sharp edge would otherwise be (vine disarm, for example). Some blocking methods aren't 100% analogous, like wing-type blocks where the stick is resting against your off-hand forearm. In these cases, the back edge would be making contact, which probably wouldn't feel too good when receiving a strike.
However, there is one place where the applications converge, which is in the alignment of the cut/strike. This is often where discipline is much more easily lost when using a stick.
When you grasp a machete properly, the cutting edge lines up with middle row of knuckles. Therefore , when cutting with it, the middle knuckles will always be oriented towards the target. This should be the same when grasping a stick.

Since a stick has no edge, it is very easy to lose mindfulness about maintaining this alignment. But it is all the more important to keep this alignment with a stick because of the implementation. The direct impact of a stick strike is more forceful than the slicing motion of a blade, so your hand and wrist structure must be able receive that force. If it out of alignment, the wrist will be cocked one way or another and not only will the force of the delivery be comprised, but the impact against the target might cause injury because of the misalignment.
With many practitioners, often in the newer ones, I see the downward backhand (angle 2) being done with the back of the hand towards the target instead of the middle knuckles. It does indeed feel natural (which is why it's common), but I would challenge you to try this same alignment using a blade. You'll find you'll be impacting with the flat of the blade and not the edge.
Training with a machete every now and then is a great way to practice alignment. You can always find a cheap one at a hardware store (free shout-out to Harbor Freight), and if you want to multi-task you can always go in the backyard and trim some hedges while you're at it (that edge will have to be forward in order to cut anything!). Again, for stick-based arts the machete is strictly for reinforcing alignment. You don't want to get into the habit of cutting or slicing with a stick because those aren't valid use cases for a blunt implement, but we'll talk about striking mechanics another time.
At a high level FMA styles can categorized as either blade-based or stick-based. If the art is blade-based, the stick might be used in training for practical reasons (ease of access, low cost, safety, etc.). So in that context, it is understood that the stick is simply a proxy for the blade, in the same way that in Japanese kenjutsu a wooden bokken is used as a training tool for an actual katana - the movements are the same, so therefore in that context the answer to the question is yet - treat it like a machete.
However, since I practice primarily with a stick, I will speak instead from that perspective:
The bolo (or machete) and the stick are fundamentally different tools and as such have different applications. The bolo is used for cutting and slashing (I'll ignore chopping for the purpose of this discourse) while the stick is used for striking. The slashing motion involves sliding the length of the stick through the target to cut it, while striking involves imparting direct impact force. These motions have different mechanics so the immediate answer is no, you shouldn't treat your stick like a machete.
Also, there are things you can do with a stick that you can't do with a machete, like anything involving grasping anywhere along the length of the stick where a sharp edge would otherwise be (vine disarm, for example). Some blocking methods aren't 100% analogous, like wing-type blocks where the stick is resting against your off-hand forearm. In these cases, the back edge would be making contact, which probably wouldn't feel too good when receiving a strike.
However, there is one place where the applications converge, which is in the alignment of the cut/strike. This is often where discipline is much more easily lost when using a stick.
When you grasp a machete properly, the cutting edge lines up with middle row of knuckles. Therefore , when cutting with it, the middle knuckles will always be oriented towards the target. This should be the same when grasping a stick.

Since a stick has no edge, it is very easy to lose mindfulness about maintaining this alignment. But it is all the more important to keep this alignment with a stick because of the implementation. The direct impact of a stick strike is more forceful than the slicing motion of a blade, so your hand and wrist structure must be able receive that force. If it out of alignment, the wrist will be cocked one way or another and not only will the force of the delivery be comprised, but the impact against the target might cause injury because of the misalignment.
With many practitioners, often in the newer ones, I see the downward backhand (angle 2) being done with the back of the hand towards the target instead of the middle knuckles. It does indeed feel natural (which is why it's common), but I would challenge you to try this same alignment using a blade. You'll find you'll be impacting with the flat of the blade and not the edge.
Training with a machete every now and then is a great way to practice alignment. You can always find a cheap one at a hardware store (free shout-out to Harbor Freight), and if you want to multi-task you can always go in the backyard and trim some hedges while you're at it (that edge will have to be forward in order to cut anything!). Again, for stick-based arts the machete is strictly for reinforcing alignment. You don't want to get into the habit of cutting or slicing with a stick because those aren't valid use cases for a blunt implement, but we'll talk about striking mechanics another time.