I used to have everything stuck on the wall, but re-did it recently so only the tools I use reasonably regularly are out, the rest in drawers and tool boxes.
My workshop is 5 x 12, and if I used ‘tool walls’ I’d need every square inch of the walls to hang everything – bike tools, car/motorbike tools, metal working tools, wood working tools etc etc.
My stuff all sits in either cabinets or drawers – but each cabinet/drawer is type-specific. Keeps them away from dust and all the other crap plus you don’t end up with obsolete tools (cone spanners…) clogging up the space.
I’m lucky to have a large space, which is fairly sparsely filled, and not yet “optimised”. I keep moving stuff around to find the best layout. It’s a 3 bay timber building with one bay separated by an internal wall.
My “general purpose” tool board. It’s a DIY french cleat set up so I can move stuff around.