Sharing the explanation that finally stopped the same question coming back every onboarding.
The account is the organisation-level container, normally one per cloud provider, and it owns billing, account admins and identities. A workspace is a single deployment of the UI with its own notebooks, clusters, jobs and dashboards, which is why dev, test and prod are usually separate workspaces. The Unity Catalog metastore is created in the account console: one per region, linked to any number of workspaces in that region, holding catalogs, schemas, tables, views and volumes plus the permissions on them.
The two details that clear up most confusion:
1. The metastore is regional and shared, not per workspace. That is what lets dev, test and prod see one catalog.schema.table namespace.
2. Identity federation means users, groups and service principals are configured once in the account console and assigned to workspaces, so you grant access to a group once.
Storage stays in your cloud account: metastore-level managed storage is optional, and existing data is registered as an external location with a storage credential.
I made a 2:32 animated diagram of it: https://youtu.be/2yy9-BL_RDo
The series in order: https://www.youtube.com/watch?v=B5iHmoYgnqY&list=PLDB5WDkDOYF4
Interested in how others structure catalogs when one regional metastore covers several environments.