Health profile data entry for 2 watches on one phone?

An iPhone is an individual item.

It is made for 1 health profile and one only.

While you can have up to 6 (I may be off on this number) of watches on one phone they will all share the same 1 health profile.

Yes what you want to do is possible.

You can switch between two watches on your iphone.

And @fieryjack has provided a resource as well.

Both watches will share the same activity and health data,read here;

https://www.imore.com/how-switch-between-apple-watches

No.

The “box” for all your iCloud data is your Apple ID, and the the “box” for Health data is the paired iPhone for Watch devices.

As stated earlier, multiple watches will work with one iPhone, but the Apple ID and the iCloud data and the iPhone are single-user.

To do what you want, you’ll need a second iPhone and pairing the watches with the appropriate iPhone devices.