I think it would depend on that other surfaces and materials you have in the room.

Why use Formica. I think wallpaper would suffice and cost a lot less. At a later date if you ever wanted to change the look; the Formica, I think, it would be an issue to remove. Best of luck in your decision😋

Very 60's hotel chic. Pretend paneling never reads well IMHO. Wall paper for the same look makes more sense. Paper feels designee, fake paneling feels cheap. But to each their own and if it makes you happy who cares what the neighbors think!! Of course installation can make and break any idea. My son and wife just looked at a home for sale. It had this Formica on the walls. The gaps, the chipped edges it was a MESS!

Done right, it could be great. Laminate has colors, sizes, and textures that wall paper could never match.

I have to say it could be really cool but I would need to see the space where it is planned and all the stuff around it . Something like this is not decided in a vacuum and is very permanent if you don’t like it.