Basement wall insulation is needed if the basement is heated. Basement ceiling insulation is needed if the basement is not heated.
Image Source: energysavers.gov
If your basement is part of your living area, and since you are dry walling it I assume it is, you’ll want to insulate its walls, not the ceiling.
If you want sound proofing, you could add some rigid board insulation, but to insulate the ceiling would be a waste of money, and probably make your floors upstairs colder in the winter and your basement warmer in the summer.
Basement walls insulation can be done from...continued.