My workshop was never heated and tools never rusted - this metalwork bench I fabbed' lived unpainted for >10y and never rusted...
When I built the shop back in 2011 I had moved from a very damp pre-fabbed concrete garage where everything rusted quickly, but worse I had abusive neighbours on one side such that I had to be careful wrt noise etc so noise insulation was paramount in my new shop build.
I understood all the issues over the years with all these scam home insulation retrofits where folks subsequently plagued with mould etc so I did do a little research into best practice wrt vapour control etc and ended up with shed walls whose section outside->in of -
cedar shingle cladding, breathable membrane, 25mm OSB, 100mm framing studwork infilled with Celotex, polythene vapour barrier, 19mm batten cavity for power etc, 6mm ply internal sheathing.
The window frames I built myself were sized to accommodate DG units with laminated inner glass to not only lessen the chances of breakage from flying timber but also increase the security, and the lights were all sealed using Aquamac 21 seals all round as were the double doors.
When finished, if you tried to slam the door shut you could not because of air pressure within - it was that air-tight!
I did latterly vent the exhaust of my dust/chip extractor externally so that allowed some air movement.
Throughout most of its life the shop was unheated either because it was unused or because once you'd fired up a couple of machines up within 30 mins the place would be quite warm and on more than one occasion whilst working on projects in the winter months I had comments from my neighbours regarding walking the down the garden in only a T-shirt for a tea/***/comfort break - even on a cold day within an hour it would get pretty warm in there!
So what's the takeaway? IMHO if you can effectively keep damp from entering and have insulation + vapour control to stop humidity from within from entering into the structure of the walls you will have a rust-free whether heated or not.
My metalwork bench as-sold 2 months ago -