The popular interest in 432 is about psychoacoustics rather than the mechanics of sound and hearing. Just as people respond to major and minor chords, it has been claimed that 432 Hz tuning has a special effect on peoples mood and well being. Various studies suggest that 432 is more calming than 440.
I don't doubt that lower pitch is generally more calming than higher pitch, but I have my doubts that there is something special about 432 Hz in particular (as opposed to, say 430 or 433). People latched onto the number 432 for various historical reasons. There are also more dubious claims about 432 having healing powers and being in harmony with the body.Music Tuned to 440 Hz Versus 432 Hz and the Health Effects: A Double-blind Cross-over Pilot Study - PubMed
The data suggests that 432 Hz tuned music can decrease heart rate more than 440 Hz tuned music. The study results suggest repeating the experiment with a larger sample pool and introducing randomized controlled trials covering more clinical parameters.pubmed.ncbi.nlm.nih.gov
That's psychology, not psychoacoustics, but ok, I suppose. I'm a tad skeptical. And, yes, please, let's have a reasonable sample pool, and control for other confounding factors.