Here's how to set up a second copy of macOS, and what you should keep in mind. These steps assume that you're running on the latest version of macOS, currently macOS Monterey 12.5.1. Check the tips and caveats at the end before you start, to confirm whether you really want to do this.
Do NOT do this on a school-issued Mac. If your school provides you with a Mac, they may have registered it with Apple Business Manager, and that could threaten the privacy of your personal environment. Also, it's their equipment.
Before you start, treat your current environment (on your Mac) as your personal, non-school system. Avoid installing school software in this area. The second macOS system that you'll create will become your school environment.
Make sure you have enough disk space as well. You can check this by opening Disk Utility, located in Applications -> Utilities. Ideally, you want at least 50 GB of free space for this.
Also, for security, you should enable FileVault on your personal system. This encrypts (scrambles) the data on it in such a way that your personal login password is required in order to unlock (unscramble) and use it. To set up FileVault, go to System Preferences -> Security and Privacy -> FileVault. Unlock the lock in the bottom left corner, and click "Turn On FileVault".
IMPORTANT: If you choose NOT to store the recovery key in iCloud, make sure that you write down the FileVault recovery key shown during setup, and store it in a safe place. Make multiple copies of it to be safe. Without the recovery key, it is impossible to recover your data if you forget your password.
Now, to create the second macOS system, follow these steps:
First, download the macOS installer. You'll need a strong Internet connection for this - the full installer is currently over 12 GB large! To get the installer, follow these steps:
- Open Terminal, located in Applications -> Utilities.
- Type this command and hit Enter (Return): softwareupdate --fetch-full-installer
- Wait for the installer to fully download. Depending on your Internet speeds, this could take several hours. Terminal will show the download as "installing", with a percentage. Once that reaches 100%, the download is complete.
While the macOS installer is downloading, create a new Apple File System (APFS) volume for the new school system:
- Open Disk Utility, located in Applications -> Utilities.
- In Disk Utility, select View -> Show All Devices.
- Select the APFS Container that appears.
- Click the (+) button to add a new APFS volume. Give the new volume a name (such as "School"), and choose APFS as the format. Don't choose the encrypted or case-sensitive options. Click Add to add the new volume.
- When finished, quit Disk Utility.
Once the macOS installer is fully downloaded, open it. It should be in the Applications folder, named something similar to "Install macOS Monterey". Make sure to choose your new school volume as the target for the installation. Then, let the installer run and do its thing. Also, if you're prompted to copy a user to the new volume, choose not to do so.
If successful, your Mac should eventually start up to a "Hello" screen, handwritten in multiple languages. This is the Setup Assistant that you'd normally see when your Mac is factory reset, but it's appearing here because you're setting up a new fresh copy of macOS (the school system).
At this point, complete the Setup Assistant and its various prompts. Do NOT sign in with your Apple ID or provide any personal info. When setting up the first user account on the school system, it's ok to use your real name, but choose a different profile picture and a different login password than usual. This will help you easily distinguish between your personal system and your school system. For the rest of the settings, choose whatever you want. If you already have Find My Mac enabled, I recommend enabling Location Services as well so that you can track your Mac if needed.
Once the Setup Assistant is completed, you should arrive at the desktop. You might see a prompt asking you to unlock "Macintosh HD - Data" or "Data". Ignore and dismiss this prompt - your Mac is asking you to unlock your personal system so that your school system can access it, and you don't want to do that.
At this point, visit System Preferences and customize as desired. I recommend setting a different desktop background than your personal one to help remind that you're inside your school environment, not your personal one. Install any school apps that you need.
Finally, if you want to prevent your personal system from accessing your school system, enable FileVault again in System Preferences -> Security and Privacy -> FileVault.
Congrats! At this point you have a working dual-boot system. See my other reply for some tips and caveats on how this all works.