The way they play with "Designed Works" and "commercial use" is really pretty weird. I kinda understand the aim - it's just one guy who's probably trying to make a startup out of this and is kinda hedging his bases against someone coming up with an injection moulded copy on Aliexpress. But the way "commercial use" is left vague is pretty sketchy. Is e.g. "background of an office in a youtube video" considered "commercial use"?
That being said, I guess I'll still finish at least one wall with it. I've used a few pegboards over the years and in my experience, these things don't die on licensing. They die on the fact that the manufacturer stops making them / switches to a different size / type. Here I can at least save the STLs and reprint the stuff as needed.