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will i find parties to play PVE? (on NA finding pt takes around 1 to 10min)
Only late afternoon-evening, just take a look here to get an idea how the population undulates in TERA: http://steamcharts.com/app/212740
Personal experience is that it's not worth trying to look for any content (high chances you won't find anyone) in the mornings, early afternoon, or after midnight.
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will i be able to queue for pvp? (depending on the time NA has around 1min queue for the jackpot BG)
Short answer: Nope.
Long answer: Not as you'd (and others) wish. There's a specific BG on "jackpot" each day for a few hours, so you might (huge emphasis on might: https://i.imgur.com/yNB2nUP.png) get matched in those hours, otherwise it's largely futile to try to get into any BG.
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and most improtantly is EU p2w like i've heard?
Yes it is, you can swipe your credit card and get BiS instantly, or you can grind your life away (speaking of 1month+ grind from scratch each patch not including dragons, underwear, etc.), up to you.
It is definitely P2W, no denying. Those who disagree should take a look at the definition of P2W.