T1-11 was super-popular as exterior siding in the 1970s. Our townhome had it for siding, and it was built in 1974. Last year, we got new vinyl siding throughout the development. The T1-11 still looked OK, but seemed dated. How long will the vinyl siding last? Not as long, but siding isn't a responsibility of the owners of the units. That's an HOA responsibility, so we didn't have to pay for the new siding.
There's nothing wrong with that stuff, really. Using it as an interior finish in a shop would work very well, and it's thick enough, as plywood, for solid mounting of almost anything. OSB isn't.
It's not a cheap way to finish interior walls, but it's sturdy and can be painted or finished in many ways.