I just finished moving into a new shop. All of the wall studs are covered with 7/16" OSB. If I want to hang something it's great to just drive a screw. Inasmuch as I'm tall (6'-3"), I can reach the ceiling so nearly all of my outlets are in the ceiling joists. All of my machines are wired to the ceiling.

I have switches on the walls. For those, I have a removable panel behind that wiring and the switches are mounted flush.
I have one outlet behind the cutoff saw. I mounted the box on the OSB and just stapled down the Romex.

I would recommend mounting the Romex on the wall so that everything can be moved easily or removed when you are done with it.