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Hey, indeed you are able to use multiple devices on one Ledger Live session! Two devices with different recovery phrases, each device controls a different set of accounts. In that case, follow these tips:
You can create as many accounts as you like. However, when you create an account with a specific device plugged in, this account will be linked to that device and can be used only with that device. I recommend that you name them differently to differentiate between the accounts.
However, there is currently no way to have different passwords in Ledger Live. This means that every time you log in to Ledger Live, you will see all accounts and balances created with all the devices.
To differentiate between accounts, I recommend that you name them all differently (for example: ‘A’ account connected to Ledger device A, ‘B’ account connected to Ledger device B, and ‘C’ account connected to Ledger device C). Read this article for more information on how this kind of setup would work.
To rename your accounts, go to the Accounts tab and choose an account. Click on the wrench icon in the upper-right corner and click on Account name.
Always connect the device associated with the selected account when sending or receiving crypto assets.
Otherwise, you will be facing an error message informing the private keys used on your Ledger device do not belong to the account you are trying to interact with.