I can answer this!
As suggested in this article, have your dependencies and their versions fixed at your very top level cargo.toml. Every other workspace, should only be referencing via “dependency.workspace = true”.
Set your VSCode workspace to the directory with your top level cargo.toml in it.
At my work, we have a pretty massive core library, shared between 10-ish apps and I have it laid out as above, and don’t have major issues with compilation times.