Is the VG32AQAY1A good for fast-paced games?

Yes. It is a gaming monitor with a 1 ms response time, which is the figure ASUS targets for fast motion. It is flat rather than curved, so the whole 32-inch panel sits at one viewing distance.

Can I connect a PC and a console at the same time?

You can plug in both, since it has two HDMI ports and one standard DisplayPort. It has no picture-by-picture, so you switch between inputs rather than showing two at once.

Does it have built-in speakers?

Yes, it has built-in speakers and a headphone out. The speakers are basic, so most gamers use a headset through the headphone jack.

Can I mount it on an arm or wall bracket?

Yes. It has a 100x100 mm VESA mount and the stand tilts. A monitor arm or wall bracket is a common way to free up desk space with a 32-inch screen.

Yes, HDR is supported. It is a gaming panel rather than a professional HDR display, so treat HDR as a bonus for games and video, not a color-grading feature.

Is it good for photo or video editing?

It is aimed at gaming, with a matte finish and HDR. It has no card reader or USB hub, so editors should plan on a separate card reader and expect gaming-first tuning rather than a calibrated work display.