What is the difference between workspace and project?

Within a workspace, projects (1) can be created to which only those who have been authorized by the project administrator have access. So not all of the people who participate in the Workspace. Under Document Project (2) a new project can be created. Via the image tile (3) I reached the respective project view and editing mode.

In the project edit mode I can set the visibility of the project.
Please observe the applicable image and copyright laws for "visible for all"!