What a workspace is
A workspace is a way of looking at whoever owns something. You have a workspace of your own, an individual workspace. Each organization you belong to has an organization workspace. Each team has a team workspace. The hub keeps no separate record of a workspace: it is a view over you, the organization or the team.
Every workspace has a slug, the short name that appears in its address. A slug is unique within its kind, so the same slug can name your workspace and an organization's. When it does, a bare address opens your own first, then the organization's, then a team's. The workspaces you can reach are listed in that same order.
Only you or an organization can own things. A team is a list of people, so a team workspace offers Teams and Settings and nothing else, and a feature that needs an owner is not found at a team's address.
Which features a workspace offers
Your own workspace and an organization's can have every feature, plus Settings. A team workspace offers only Settings and Teams. Two questions are answered separately: whether a workspace offers a feature, and whether the feature's address opens. On your workspace or an organization's, every feature's address opens. On a team's, only its own two do.