Shiplap really does work, but I wouldn't call it a universal solution. It all depends on what you're planning next and how wavy the walls are. For minor waves, the frame handles it fine, but if the dips are more than an inch or so, you'll have to adjust the wooden slats to level with shims - that complicates the installation.
3D panels won't hide wall unevenness the way shiplap does, because they only press against the surface at certain points. They look good on fairly flat surfaces, add interesting texture, but won't hide waves. Laminate on the wall, by the way, is also an option - it attaches to a frame like shiplap, looks more modern, easier to maintain. Plastic panels seem cheap, but they actually hide cosmetic flaws pretty well if you're not constantly touching them with your hands.
If the walls are really wavy and you don't want to deal with leveling a frame - consider fabric wallpaper on a fleece backing. You stretch it over a frame or glue it straight on, and it visually evens out the wall thanks to soft shadows and texture. It's not panels, but it looks expensive, and the waves are barely noticeable. The main thing is picking the right pattern and color so they don't draw attention to the surface.