Hi,
So what are the differences/advantages of the Layout and Modeling workspaces? I can’t tell any difference between the 2. Very new to Blender so I’m probably overlooking something. I’ve been doing most modeling in the layout tab actually. 
Thanks!
Scotty
Hi and Welcome
Workspaces are only predefined windows (default) … … and can be modified by the user according to his workflow / preferences …
Each user can modify/arrange his own workspace.
Concerning your question, only you can appreciate to model in such or such workspace.
Layout > Timeline presence (do you need it when modeling?)
A link to better understand:
Workspaces
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I see. Thank you! 