I assume this is your own attempt.
About the hole in the drywall: That's not a drywall. It's whiteface coated cardboard. It can also be white faced hardboard - a common material as furniture backplanes.
The hole is realistic, probably it's shredded by hand. Unfortunately it's realistic only as a hole in cardboard or hardboard.
If you want more realistic look, you need properly splintered edges of broken drywall. Drywall is essentially a paper coated gypsum plate. Use real hole in a real drywall plate if you want to get a 100% plausible hole. Have a big enough size, heavy enlargening can easily be seen.
Your image has a product mockup -like general look (outside form like a levitating box). Your details could be acceptable if they were all compatible with each other (=nothing looks out more fake than the others)
Visible internals: Bank notes have too small apparent size when compared to the surface texture of the wooden pieces. Wooden pieces and banknotes seem to have different perspective than the box- they seem to be seen straight ahead the face. More care is needed.
Shadows, surface texture and the box-like outside form are technically acceptable - they are like in a million product mockups.
An artificial wall with a hole:
You start it better in Illustrator. Draw a rectangle with light grey fill, no stroke and the outline of forthcoming hole. Keep it simple enough, have no fill and let the stroke be thin. The stroke color must be what is wanted to be the interior color of the wall plate.
Duplicate the hole outline, select the duplicate and the grey rectangle. In the pathfinder panel make a hole with the Minus front subtraction.
Note: There's still left the original hole outline, the copy vanishes in the subtraction.
Select and group all. Goto Effects > 3D > Bevel&Extrude , raise some thickness to the plate. Play a little with the lights, too.
If you want a box, you can expand the extrusion effect (Object > Expand appearance) and edit the sides with the direct selection tool. You can also recolor parts, if you ungroup all.
NOTE: at least three ungroupings are needed.
Here is an example of edits.
A box really is needed, if you want to have some room for internals:
We do not keep it, but continue with unexpanded version. Make an unexpanded copy (and lock it to be sure it stays) just in case you still want to adjust the 3D effect. You can reopen the effect in the appearance panel.
We continue in Photoshop to add some textures, which are too heavy for Illustrator. Copy the shape to the clipboard and paste it into an empty Photoshop document as pixels. Have a high enough canvas pixel resolution for your final purpose.
The hole is emptiness. We fill it with paint bucket. Use some neutral clearly different color than the old colors because you must later select it by color.
With the polygonal lasso tool make a selection which covers the hole, but not much more. Apply from the filter gallery "Spatter" to get torn color borders:
Select with magic wand the fill of the hole and delete it. Next you can apply some textures to wanted parts. Everything can be selected by color. Here a Texturizer > Sandstone filtering is applied to grey parts and a little noise is added to brown parts.
For myself, I'd use a roughened texture on the outer drywall surface, a brown or mid grey craftpaper texture for the inner torn surface, and possibly a repeat of some shreds of the roughened outer surface at the inner torn edge of the brown or mid grey craftpaper to imply the back-facing paper surface (though whether that's accurate that depends upon the individual drywall manufacturer) and do some nice rough torn paper edges for all of these, using layers to control the draw order.
I might then add some cracks or curls on a layer above... and a drop shadow for what's exposed. As per image! –