The only advantage I can think of is speed of installation -- as you don't end up mudding it, you can get it up and trim it out in a day, and there's no need to paint.
I haven't priced it out, so I don't know how it compares, when you consider labor, it might actually be comparable.
And for maintenance -- you can wipe stuff off of it, so long as it's not any real damage to the paneling.
As for all of the rest -- it pretty much sucks. You can't patch it without taking out a whole section; it's thinner, so less R-value and more sound emissivity. (but if those were considerations, you'd stuff the wall with insulation)
...
And then I realized, maybe you're asking about real wood, and not the ugly stuff that comes in sheets that was so stylish in the 70s. (although, I admit, I have some stuff in my basement that's wood paneling peg-board, that I really like, and I've never been able to find to fix some modifications that I made)
... but then you wouldn't be asking if it was a cost savings.
When it comes to drywall vs wood paneling comparisons, the “better” choice depends on your budget, time, and your personal preference. It’s also important to note that the two aren’t necessarily separate options but can complement each other and add visual appeal to your home. To help you in your research, here are some of the advantages and disadvantages of drywall and wood paneling.
For many, the thought of wood paneling brings up visions of basements in the 1970s with bright and unattractive oak finishings. However, modern wall paneling is aesthetically pleasing and intentionally designed to fit the space you have. It can liven up a plain wall, add texture to a room, and nicely tie the decor together. Wall paneling can give any space a natural, warm feeling and provides that extra touch of detail.
Drywall is made of dried gypsum mineral and crystallized water that makes this material fire-resistant and sound-absorbent. It’s become the wall covering of choice for most homes and building construction.
In the past, stones, bricks, and cement were used for the construction of homes and buildings. Drywall was designed as a solution to the labour-intensive and costly traditional methods.
This highlights that drywall vs wall paneling isn’t an exclusive choice, but can be used together to provide your walls with extra durability, style, and detailing. Beautiful wood paneling installed over your drywall provides thermal and acoustic insulation and an additional protective layer to your walls.