There are provisions/possibilities to backup content store (iw-store) in full or part, though the procedure to acheive this may vary.
Partial backup may involve a manual process and will require capturing/storing EA. These EA will have to be recreated/applied when you want to recover this part content.
The choise and suitability of either of the store backup methods deponds on the needs.
A workarea is a part of content store and will be backed up if the content store is backed up in its entirety. In this case, to recover content for the said workarea, the entire store should be recovered.
Hope this helps.
When we take back up of TS, we just take back up of the iw-store, right ?It will automatically take back up of all the workareas.