sappy_junior728 a private space is very similar to a completely separate user profile, except it's accessed from within a profile. The convenience is, you don't have to switch profiles to access apps within it, but can still lock the space, putting it's data at rest and killing all the apps from running.
The con is, isolation between it and the parent profile isn't technically as strong (if I understand it correctly), but it's still really good and is a great way to disable apps from running that don't need to be running all the time.
I put apps from Google Play Store here, including banking, maps, games, etc. 90+% of the time it's locked and everything there is turned off. I only unlock it when I need it, then re-lock when I'm done. Works great