Though 'Aston Martin works team' sounds interesting, in this case, it's not really. Mainly because i don't think it's really to be concidered a 'genuine' works team, but there are some elements though. The thing here which puts it under the 'works' banner is that they will recieve exclusive support from Aston Martin 'themselves'.
In other words, they will be (techinically) backed by people from Aston Martin, and no other F1 team will recieve this 'privilige'.
Offcourse there is no other team that will be provided by Aston Martin 'backing' so that's not that hard.
If we compare it to RedBull now, then Aston Martin is nothing but a namesake sponsor. Hence that even if RB would not have Honda power, but for example Merc power, then they still wouldn't be a 'works' team. In the case of RB, Aston Martin is a namesake sponsor, and frankly, that's just it - apart from a 'cooperation' in regards to their Valkyrie project.
As for the 'Racing Point' deal, Racing Point will become the actual Aston Martin team, not just a namesake sponsor.
They are going to be that team, and Aston Martin's existing 'minds' will jump to aid the F1 programme.
No, there is no actual Aston Martin engine. They will use the Mercedes engine. Is there a possibility for a new engine in the current engine formula?
I have zero belief in such a thing, not even a Cosworth one that would be baptised into a Aston Martin engine. So they'll stay with Mercedes as an engine provider.
But where Mercedes is not unique in their services to Racing Point - after all, they also bring engines to Williams for example - Aston Martin will be uniquely bringing intel to the Racing Point team. Hence the 'works' badge.
Williams, Racing Point, and as of next year Mclaren, will all get (the same) Mercedes engines. They do get help from Mercedes engineers, but let's call that 'standard'.
The AMG Mercedes F1 team (let's call them 'Brackley') however, will recieve exclusive attention and help from Mercedes, which is why it's the 'works team'.
Ferrari offers their engines and services to Alfa Romeo and Haas, but similar to the Mercedes example, Scuderia Ferrari (let's call them 'Maranello'), gets exclusive treatment,
which is why it's the 'works' team.
Renault next year will only be serving the Renault F1 team - let's call them 'Enstone'. They are in a 'works' mode this year, whilst supplying Mclaren, and they will be next year too,
just that there is no other team that will be driving with Renault engines either.
What is conciderable in this case is that Aston Martin seems to have interest in aiming towards a future where they might be more involved.
If i recall, there have been ideas and intents of Aston Martin building their own engines, as have RedBull. But there is no way the current V6TH formula will see that happen.
So as long as we have this engine formula, which will stay for a while still, that will simply not happen.
We might see otherwise when a new engine formula is decided. But that remains in the future.
For now, Racing point will recieve exclusive Aston Martin technical support as of 2021, which is why they will be a 'works' team.
Dumpster sounds so much more classy. It's the diamond of the cesspools.