Dear Jeremy,
It is true that the M1 Pro chip allows more external display connections than the M1. This is what Apple says under the specs of the 14 inch MacBook Pro model:
Video Support
Simultaneously supports full native resolution on the built-in display at 1 billion
colors and:
Up to two external displays with up to 6K resolution at 60Hz at over a billion colors (M1 Pro) or
Up to three external displays with up to 6K resolution and one external display with up to 4K resolution at 60Hz at over a billion colors (M1 Max)
Thunderbolt 4 digital video output
Native DisplayPort output over USB‑C
VGA, HDMI, DVI, and Thunderbolt 2 output supported using adapters (sold separately)
HDMI digital video output
Support for one display with up to 4K resolution at 60Hz
DVI output using HDMI to DVI Adapter (sold separately)
To be honest, I am not 100% sure you can use 2 displays over 1 Thunderbolt 4 port, but I do know that the MacBook Pro models have 3 of those Thunderbold ports, so using 1 Thunderbolt 4 ports per display it is sure that you can use 2 external displays.
Hope it helps :)