A workspace is a CRM environment (hub) that is created to keep all the company's data. This is a place where the work is done and users communicate.
It comprises of:
The main menu (dashboard) is dynamic and can be changed. You can reorder the widgets just like you want.
You can also collapse all the folders at once provided there many of them placed on the left side-bar. Just click on the name of your workspace - and they'll collapse. You will be able to quickly see your Gmail menu: