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Backstop-
In North America wall cavity insulation is cut to just under 16" wide so it slots in nicely between the joists. The boxes for power sockets also mounted to the studs, spacing is less important but yeah, if you're building a, powered, insulated shed, might as well use the generally accepted building standards.
Aroogah
See? Not overkill. But the need for insulation and wiring does preclude the use of 2x4 stud walls.
As a side note - I have an uncle who tried to build a house using only metric back in the late 70s as a way of supporting Carter's push for the metric system. He gave up after 3 weeks.