I had a very similar sized space in my last house. Luckily there was already a huge built in closet there that was sufficient for my needs, I would have struggled to make it all work without it. In that space I managed to fit my sewing cabinet, folding cutting table (the horn style where both sides lift up) and my ironing board.
It was tight, and I had to be very tidy, and only have my cutting table up (normally with only 1 side up) when I was actually cutting, and use my ironing board for pinning, etc.
I did have a dining table I could use to cut if I needed it, but very rarely did. I had a housemate and didn’t like for my sewing to spill out into the shared areas.
My one complaint was that due to the age of the house the walls just crumbled and I couldn’t put up any shelves, had to rely on only things that could be put up with temporary hooks.
But I was very glad to have the space! Knowing my personality, if I had to constantly be putting everything away after a sewing session, I would never have done anything.
I say go for it, and have a look at some clever space saving ideas! Manuela’s set up looks ideal!