I'm planning a grow room in my attic at the time and found a UL listed fire retardant paint. DC333 is rated for up to 35 minutes compared to 25 minutes for sheetrock. Bad part about DC333 is its $70 for a gallon. There is also a paint additive called Flame Guard that provides a Class A fire rating using 2 packs per gallon at $10 per pack, not bad.
I'd rather use a thin plywood vs. sheetrock since your going to have to paint anyways.
The insulation value of sheetrock is R 0.68, so if you are planning on covering your room with R-13 roll insulation, R 0.68 won't make much difference.
Lazyman- Its probably better to use sheetrock for finishing off your garage for building code inspectors, but for building separate grow rooms sheetrock is too much trouble in comparison.
Why the need for sheetrock?
That stuff is a pain in the ass. Heavy, messy, taping seams and spackling, no thank you.