there is room for some cables but - if I wanted to run it low (ie, close enough to hide cables) i'd nee to move the monitor closer to me because the arm takes up a bit of room.
I think I can definitely be a bit smarter with how i manage the cables, just will take a bit of effort.
How much space is there behind the peg board? As its already got holes it seems perfect for mourning things then running the cables behind.