Privacy on same device
How to set up a second AppleID on same account, and allow privacy for child/elder parent to use?
iPad Pro, iPadOS 15
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How to set up a second AppleID on same account, and allow privacy for child/elder parent to use?
iPad Pro, iPadOS 15
An Apple ID is an account so your first question is circular. Each person should have their own AppleID/account which will personalize settings to that user. However, you cannot have two Apple IDs on an iPad concurrently. Apple mobile devices are designed to be used by one Apple ID at a time. Nor is it easy to keep on signing out of one ID and in with another on a frequent basis. At best you could use a single account and set up parental controls and related services to try to restrict use of certain features by others. However, you may still run the risk of some private information showing.
Use parental controls on your child's iPhone, iPad, and iPod touch - Apple Support
Use Screen Time on your iPhone, iPad, or iPod touch - Apple Support
An Apple ID is an account so your first question is circular. Each person should have their own AppleID/account which will personalize settings to that user. However, you cannot have two Apple IDs on an iPad concurrently. Apple mobile devices are designed to be used by one Apple ID at a time. Nor is it easy to keep on signing out of one ID and in with another on a frequent basis. At best you could use a single account and set up parental controls and related services to try to restrict use of certain features by others. However, you may still run the risk of some private information showing.
Use parental controls on your child's iPhone, iPad, and iPod touch - Apple Support
Use Screen Time on your iPhone, iPad, or iPod touch - Apple Support
Privacy on same device