This is similar to how I use Spaces. I haven't hotkeyed desktops, but each one is designated for a particular task or theme. The concept extends further with a secondary display, with the primary monitors' spaces being assigned "main task" duty while the secondary displays' spaces get "aux task" duty — so e.g. IDEs and browser windows immediately relevant to the task at hand go on a main monitor desktop while secondary display desktops are used for things like chat, music, and documentation.

This is a core part of my workflow and is one of the reasons why I would have a difficult time using Windows as my primary OS: its virtual desktop support is far too weak in comparison. It can't even switch desktops independently per-display.