You can use it for framing above the ground or rafters or trusses and such, but nothing in contact with the ground or those horses. Horses will eat cottonwood like cotton candy, LOL, wagon trains going across Kansas and such would feed the bark of the cottonwood to their horses if there wasn't anything else.
The only wood that is worth your time, for horses or livestock contact is Oak prefereably Post or Burr Oak, as horses will eat or crib right through anything else.
Here is a story about cottonwood lumber to give you an idea of its use as a building lumber. There is an old logger/cutter/log truck driver man around here that is over 80 years old, still drives the log trucks, he cut until he was 75 years old. He told me that the building that was over one old sawmill was 20 years old (it was completely made out of cottonwood, beams and rafters) about 10ish years ago they tore down that building and made a new bigger one. He took that old, cottonwood lumber and made a lean to onto his barn, as the wood was still quite good. So that is cottonwood that was under two good roofs, and its still working at over 30 years of age.
Sam