Can I use Marketplace Paragon assets (especially Greystone) for wallpapers/artwork of my game?

Per the EULA you can in fact use UE-Only Content in a product (your game) that requires the engine code to operate (loading screens require the engine code to operate). If it’s marketing material; a video, a movie, a cartoon, or an image (or some wallpaper) then it needs to be rendered using the Engine Code.