Two iPads

You can have ten devices (no more than five of them computers) associated with your Apple ID and the Apple App/iTunes Store at one time.

View and remove your devices that are associated with Apple ID purchases - Apple Support

Devices can have the same name, however, it is much easier to identify and manage them if you change the names to something that is both unique and appropriate for the named device. Device names are changed from the device settings:

Settings > General > About - the Name field can be edited as required

The device names have no administrative impact - as the devices all have a unique device identifier that is used, by Apple’s back-end servers, to identify and control devices. For this reason, devices can have the same “name” without causing any issues with Apple’s services.

Yes.

Just give them each a unique name to keep easier track of them when managing your AppleID and using FindMy.

(Settings -> General -> About -> Name)