Can I have multiple workspaces for one MATLAB instances?

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In my Python application I often execute MATLAB code from Python via MATLAB Engine API for Python.
I have some Python objects that execute some MATLAB scripts in their constructors and some MATLAB scripts in their methods. That modifies the underlying MATLAB workspace and helps me to save object state between two calls.
But it's a bit too hard for me to give a dedicated MATLAB instance to each such object (because MATLAB instance eats about 500 Gb of memory). I want to have only one MATLAB instance and somehow switch between different workspaces in it.
Can it be somehow done?

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