I would say if you split the application use divisional rather than functional structure.
I advocate this because you are more likely to work on 1 of these divisional components at any one time.
This type of structure lends itself well on marketplace or SaaS apps where different user groups use a different type of views. API only flask app I might use functional splitting.
Here are examples from Flask Blueprints. Blueprints are essentially documented advice how to split Flask application for more manageable pieces. More on this at : http://exploreflask.com/en/latest/blueprints.html
Here is an example of divisional splitting. See how each feature is grouped together.
yourapp/
__init__.py
admin/
__init__.py
views.py
static/
templates/
home/
__init__.py
views.py
static/
templates/
control_panel/
__init__.py
views.py
static/
templates/
models.py
Here is the functional example >
yourapp/
__init__.py
static/
templates/
home/
control_panel/
admin/
views/
__init__.py
home.py
control_panel.py
admin.py
models.py