Here any wall with a panelboard in it has to have continuous drywall on the other side. Apparently any place that the drywall is not continuous is considered as allowing a fire to get to the studs directly instead of burning its way through the wallboard first.
Studs have no fire rating; drywall adds 1-hour but that only applies on the side that it's mounted on.
I personally can't think of a place where you might need plugmold where appearance would be that important. Even if you manage to hide or camouflage the outlets you're going to see a lot of cords.
