I found this word "こうぼう" in google translate, stating it means 'atelier' or artist workshop... is this an accurate translation in the sense it specifically refers to an artist's workspace?
"Atelier/workshop" is one of the possible meanings of こうぼう, but こうぼう has lots of other meanings unrelated to one another. See this link.
Japanese has lots of homophones (words with the same sound) for historical reasons, so if you put a single word in hiragana into Google Translate like that, it can only give you the meaning of a random word that can be read こうぼう. It's not Google Translate's fault.
By the way, do you know about hiragana and kanji? If you know about kanji, 工房 is the kanji for こうぼう meaning "atelier". This specifically refers to an artist's atelier/workshop.