Does this bumper have sensor holes pre-drilled?

No. This cover ships as a blank panel. If your vehicle has parking sensors, you'll need to drill and fit the cutouts to match your sensor placement.

Will this fit if I have an aftermarket trailer hitch?

Check your hitch clearance before ordering. Most aftermarket hitches protrude beyond the factory mounting plane. You may need to trim or modify the panel's lower edge for fitment.

What condition does the bumper arrive in — do I need to prep it before paint?

It arrives in raw FRP condition with a sealed surface. Light sanding to promote paint adhesion is recommended, but no heavy prep work is needed if you're sending it directly to a painter.