I overall prefer work profiles. In terms of isolation/privacy (Work Profile with Shelter vs Private Space) it’s pretty much identical, the main argument against the work profile seems to be that you don’t need to trust the Shelter app.
I’ve written about it here but in short:
Private Space: differences compared to work profile
- no possibility to create ‘desktop shortcuts’ of apps
- app notifications don’t show their content, you just see that you got some notification but you need to open the app to see it
- need to enter PIN/fingerprint every single time you open a Private Space app after the screen was locked
- less integration with the main profile (e.g. Shelter allows you to clone apps between main and work profile or copy files between the two)
- no auto-start after reboot (e.g. if you expect notifications from an app, make sure to unlock the Private Space after a reboot)
- biometrics need to be set up separately (at least for me; others said the fingerprint from the main profile was usable in the Private Space; not sure what is the desired behaviour and what is a bug)
- can protect apps with a separate PIN/fingerprint if desired (e.g. if you think someone might snatch your unlocked phone out of your hand)
For me personally, all of these points, except maybe the last one, are downsides that just add additional friction when using the apps. I think the Private Space is really meant to be for “secret” apps and files, like a second copy of the gallery app for your homemade sex videos or something, rather than for compartmentalisation.
For now I’m using this setup:
- Main profile: all FOSS apps
- Work profile: proprietary apps + Play Services
- Private Space: banking apps