Put the sheetrock back on and do a complete redo later.

Does the wall leak or does it sweat? If condensation is the problem, you need to put up vapour barrier. And if you're doing that, you might as well insulate at the same time. Depending on where you live, your reduced heating bills may pay for the work very quickly.

The wall leaks and has flooded the basement. Hopefully fixed that but it's always possible it'll happen again. The good news is that my utilities are super low, so I'm not sure I'd save much

I'd leave it then until you do the remodel later. In fact I may even leave it wide open so you can keep an eye out if it leaks again. How was the leak fixed?

The story of the leak is unclear, but the basement has had a sump pump for a number of years. I suspect the former homeowner cut electric to the house when she moved out but before I moved in because it was an absurdly wet spring and after I took over, there were no additional problems. However, I did change the landscaping up front and install a gutter to drain water away from the house. It's been 18 months with no additional water, so I'm ready to reassemble to room so I can use it. Like I said, if I'm here in a few more years, I want to gut and redo the basement, so I'm looking for a "good enough" fix while I see what's happening with the leak an whether I stay here long term.