I would rather enlarge the laundry/utility room, and still have a good sized closet. You could have better storage in the LR and not be squooshed in there doing laundry. If your closet has to fit two peoples clothing, Id have someone come out and do an efficient storage layout. To me its priorities, I spend more time in the laundry room, and store all of my cleaning stuff, so i would want it larger than what it looks from the layout. An organized home is a clean one lol good luck

Since it appears the guest room only has access to a half bath, I would make the flex space a full guest bath and reconfigure the area between the studio and guest room to two walk in closets.

^ great idea, and the bath adds much value.

I think you need to go back to the drawing board and a guest room needs a full bath IMO and I aslo think every space you design needs a purpose so flex spaces never make sense to me. Waht is the studio for ? I hate toilet rooms , honestly anyone who uses the toilet while someone else is in the bathroom would never do it again in my house. A bathroom has a toilet that is the whole point no need to hide it either . I never like floor plans with only sq footage shown it gives no info as to the actual space . I think the utility room could be a bit bigger and if you do not need the space for anything specific a walkin closet / dressing room is a real luxury. A guest room does not need a huge closet but IMO the studio needs a closet and IMO a bathroom if resale is something in your future then that room is a bedroom for a family. My walk in is 15 x7 and barely holds both our clothes and I would love to have a bigger on to act as a dressing room with a lot more drawer storage for sure down the center with a make up area etc.You could make the studio bathroom accessed from the hallway so it can also function as a PR when entertaining. I have a large LR it is 400 sq ft and hoestly do not think it needs to be bigger than that and we have a baby grand in there . I need measuremetns clearly marked and you need to start over .

Without a window, your "flex" space is just an uninhabitable closet. If you are asking about value a space brings to your home, follow the suggestions above about moving adjacencies, providing good usable spaces, or proper bathrooms for the house.

I’d make the study a bedroom because it is and make a flex room (hopefully with a window) and office or an exercise room, whichever you need.