2 Apple Watches with the same IPhone

Yes, but only one is actively paired at a time.

https://9to5mac.com/2018/10/15/iphone-with-multiple-apple-watches/

M1 Mac mini, macOS 11.0.1; Watch, series 5 GPS/cellular, watchOS 7.1; iPad Pro 2nd Gen, iPadOS 14.2; iPad Air 2, iPadOS 14.2; iPhone 12 Pro, iOS 14.2.1; TV 4th Gen, tvOS 14.2  HomePods, audioOS 14.1 and Airport Express w/ Airplay 2

Yes even more than 2 but not simultaneously.

you need to use the watch app to manage watches