While there is ample space to build...more building means more money. So there are practical limits to the size. That makes me think that lots of separation by activity will lead to a bunch of cramped little spaces. I'm thinking I want to do some of that, but sparingly.
One example of that is the "bathroom". It's just me there. I guess I'm a loner. Not in the uni-bomber sense, but at least in the living arrangement sense. For me, the bathroom can be just a urinal on the wall next to the utility sink. Don't need a "room" for it.
What's that you say? Resale value? My nieces and nephews can worry about that after I'm in the ground pushing up a walnut tree.
Richard's answer is spot on.. It all depends on your work flow and what other activities you want to do in the building.
Mine is an L shape but, my wood shop only takes a rectangle portion of that building's shape. I park cars in part of the building, I have metal working tools in part of the building, and my wife's quilting room is in part of the building. I also partitioned off sections just for storage. With all that said, my wood shop is just that, my wood shop. There is nothing else in there related anything else.