The Code says:
NEC 334.15 Exposed work. In exposed work, except as provided in
300.11(B), cable shall be installed as specified in 334.15(A) through (C).
(B) Protection from Physical Damage. Cable shall be protected
from physical damage where necessary by rigid metal conduit,
intermediate metal conduit, electrical metallic tubing, Schedule 80
PVC conduit, ...
You don't need drywall, but the cables that are considered "exposed to damage" need to be protected. Drywall is one way to do that. The overhead wires are usually not considered to be exposed to damage, but that can become a grey area if the ceiling height is low and they are thus less than 8 feet from the floor (where that can be considered "...
Code in your area possibly does not require insulation for below grade concrete wall.
If you wish to add insulation, apply XPS 1in to 2in thick, continuously along the concrete, then (1) add 2x3, 2x4 or 2x6 framing to fill with fibreglass, or (2) thin 1x4 strapping -without further insulation- for drywall backing.
XPS will keep concrete moisture out of the ...