My iPhone 11 with dual sim only has one sim tray

Only models sold in China, Hong Kong and Macau will have dual sim slots. All other regions will have one eSIM and one Nano sim slot.

Yes, as stated above. Read through the Apple article below.

Using Dual SIM with two nano-SIM cards - Apple Support (CA)

Here’s a bit more info from Apple:

https://support.apple.com/en-us/HT209044

Good find.

I’d wondered how twin hardware SIMs were physically implemented.