We need to see the rest of the room. Show more photos and the fireplace and the flooring.

I am going to redo the fireplace wall
Going to make it a tiled wall
Repaint the living room with the color “ice crush “ (white)
And right now the floor is dark but going to change it as well to white/light Oak color

If you put paneling on one wall and then tile the wall perpendicular to it (the fireplace wall) then you have two focal points or accent walls in the same room which probably isn't a good idea. Please post more pictures and tell us more about what you intend to do on the fireplace wall.