I have a 4'X8' sheet above each workbench. Both sheets are full: ~8 most commonly used screwdrivers and a few pliers on each board. Then levels, clamps, hand saws, grease gun, bolt cutters, tape, scissors... I don't have enough floor space for even one additional toolbox (I have 4 already) let alone the 2? that it'd take for what's on the pegboard.
I have 1/4" thick pegboard, bought it 25 years ago when it was more common. I quickly learned to use the "good" heavy duty hooks and I buy them thru McMaster - and they don't fall out every time I use a tool. The only style that needs a screw or some glue are the ones for pliers- those ****.