Alternatively I've seen some companies successfully rad-hardening from the software level. Effectively software that is tolerant to random bit flips.
Or work in a permanent shadow. Cosmic rays are easier to deal with than solar radiation.
There are sun synchronous orbits (and the orbit at the dawn/dusk terminator is an interesting one - https://en.wikipedia.org/wiki/Sun-synchronous_orbit ), but there isn't an easy orbit around the Earth such that it is always in shadow... or rather, that's the Earth/Sun L2 point... which is where the JWST is. At that distance you lose the magnetic shielding of the Earth (and makes it even more expensive to get materials to and from it).
For chip fab in particular, since current processes require a lot of water, and water is very good as radiation shielding, such a facility in space would probably just store water in the walls.
Right now, space manufacturing makes sense for exactly nothing. With enough research, it can in theory make sense for almost anything.
Seems like they are reliable enough for their job and just need the occasional reboot. For more critical systems you could probably get by with three computers voting on the result, and if they disagree the outlier gets rebooted (a fairly standard setup in aviation and space)
https://en.wikipedia.org/wiki/Radiation_hardening