I did something completely different. This was at the time that supplies were relatively stable so wouldn't apply now but might help someone in the future if/when they return to somewhat normal. I do not like drywall idea, having to use anchors to hang things from incase you can't hit a stud, labor intensive and then need to paint. I do not like OSB as it takes a pile of paint to cover, rough surface holds dust. I used 1/2" prefinished 1 side import birch ply. They are true 4x8 and not oversized to 48.5x96.5 and I used tan decking screws. Dust does not stick to it, it reflects light really well and you hang it and it's done. The other is I put all my electrical in conduit so that if/when I rearrange the shop, you can easily remove/reroute electrical circuits. If you need to get behind the ply, unscrew it and you have access. My previous shop has a pile of money in the walls of electrical circuits that were no longer used because I rearranged the shop, upgraded a tool and need to move it etc.
Again, when I did this it was very comparable to OSB plus a lot of paint plus a lot of time. I'm building a new shop now and went ahead and paid the difference and did the same things again as time was not on my side and was more important to get it done asap. I as able to put up 50 sheets in half a day and it's done. It worked for me but might not for others