Does this bumper have cutouts for fog lights?

No — this cover is a solid front panel. If your vehicle originally had fog light housings, you'll need to fabricate or source appropriate inserts for that opening.

Will I need to drill new holes for sensors or bumper mounting?

No drilling required. The cover uses factory mounting points, so fastening uses the existing OEM locations on your frame.

Can I paint this before installing it, or should I wait until it's on the car?

Either approach works. Many prefer to paint off-car for even coverage and easier masking. Just ensure primer is fully cured before handling to avoid fingerprints in the paint.