I’m in upstate NY, my answer was to use 2.5” metal studs held 1” off the wall (put the bottom channel on sill plate foam) and to apply 3” of closed cell spray foam. This ends up dimensionally the same as doing 2x4 framing (3.5 actual) directly against the wall but providers an air and moisture barrier, the foam stiffens the studs insanely well, has no organic materials to mold or rot from moisture gained by contact with concrete, and provides an EXCEPTIONALLY flat surface to drywall - which ok in a workshop isn’t as important ;)

Speaking of workshop stuff - I’d install some cross bracing (can just zip screw some ply or furring strips, notch for the rolled metal edge) where you intend to wall mount anything heavy like a metal pegboard full of tools - you can still drill through a metal stud and use toggles but I prefer pre-bracing.