Thank you so much!! You are amazing for answering my question. Now I know where to start. Thanks again!

I need advice on how to finish this wall after I pulled off wood paneling. This is in my bike room, and the whole room is covered in this paneling. I will be taking it all off at some point, but I need a little advice on how to start. I was thinking of taking a rotary sander and sanding down the wall where there are rips in the wall and glue on it to smooth those down. Then to take some kind of putty and fill in the holes and gaps. Below is a link to a few of the photos of the wall. Thank you!

https://imgur.com/a/SnvKtyj