I watched Aprils shop build as well. It may look fine even with the lower grad ply after she paints it. That's a big shop for her!
I built a 75x50 farm shop a couple of years ago and lined the interior with 16" on-center studs followed by 3/4" sanded plywood that I painted. Sheeting was placed up to 7' high around the perimeter. Definitely more expensive than drywall!
Now this is on a farm shop, so I was more concerned with durability where I would not be everyday with tenants in the building for storage and maintenance tasks. But I'm glad I went with 1) a darker color on the wainscoting and 2) plywood for durability and flexibility on where I hang things. I did choose to do the wiring and piping for air around the shop on the SURFACE of the finished walls to make it easy to either add new drops / outlets or easily repair.
In your case where it's a woodworking shop, you could go with drywall everywhere. Or you could choose to go with ply on one wall. Or go to a french cleat system for hanging things around the shop. The advantage of drywall is it's cheap. But with 24" on center studs, you may find you want more surface area for hanging things. In my home shop, it's all drywall with studs on 16" center and it's served me well for 20 years.
I'd definitely insulate before siding as it will help with climate control and does not cost that much. Should also help with sound attenuation if you are in a residential neighborhood with potential concern on noise.
As for finding studs, if you put the plywood up with a nail gun as I did, you won't have any problem finding a stud later on. No need to fill the holes. They give you plenty of evidence where the studs are. But 24" OC with 1/2" drywall doesn't give you much flexibility on where you hang things.
I was in a retail store a few weeks back and they had the perimeter sided with baltic birch, but they drilled holes similar to an MFT top every 1' on a grid around the perimeter. Very cool look and it gave them a lot of flexibility for shelving and racks. So another idea for you that I thought was unique. Unfortunately, I did not take photos.
Studs were actually built in sections and set in place behind the perlins before the exterior insulation and side walls were installed.

Once building was in place, interior sheeting was applied. I painted the sections behind the posts before installation, then did the rest of the install and painted the rest. I used an exterior grade paint / primer from HD and it's held up really well with 1 coat and a little touch up - all rolled on.




