Whitish and very sandy sounds like lime plaster? It should probably be a plaster that allows a lot of "movement," perhaps C-plaster or even "looser," (d, e-plaster/mortar?). This given that you can now use cement-based lime plaster to patch up.
One thing is for sure, you probably shouldn't use adhesive to fill the holes, as you said, very expensive.
I would probably repair it with something like C-mortar (1 part masonry cement, 7 parts masonry sand), after making sure that you can mix cement-based lime plaster into the current wall.
Take a small piece of the plaster to the hardware store and ask what type of plaster it is and what you should use?