I thought the backups are incremental backups?
Yes, they are.
If you have an aggregate amount of 12 TB of source data, you will need a backup drive of at least that much capacity to create one backup. The subsequent backup will copy only new files and existing files that have been modified, but if that means it can no longer retain copies of the files they replaced due to insufficient excess capacity, those older ones are discarded. They are discarded after the subsequent backup is finished — meaning the space they occupy will be required until then. Therefore you need more than 12 TB. The question is how much more.
A more complete explanation renders that example moot, because TM estimates how much capacity it needs prior to even beginning an incremental backup. If that capacity is deemed insufficient, TM won't even begin that incremental backup and will tell you it's out of space. In that manner, TM always has one backup from which to completely restore a system. It's very conservative in that manner.
It gets worse, because if many files become changed between incremental backups, that required space estimate becomes greater. A macOS update or upgrade for example will require many gigabytes of space.
This is the reason a lot of people recommend a TM backup drive of two or three times the source volume contents. Such a "rule of thumb" is almost guaranteed to keep most people out of trouble, but like most such "rules" it lacks mathematical justification. It just minimizes the number of callbacks and complaints.
The salient point to bear in mind is that TM guarantees an absolute minimum of one and only one complete, restorable backup.
Doesn't TM spread the backups of the items across the 2 Backup drives if it cannot fit into one?
Sadly, no, it can't do that.
If not, what's the advantage of sparing 2 HD for backups instead of one?
Redundancy. You definitely do not want to keep all your backups on one device, since any drive can fail at any time for any reason, or for no apparent reason whatsoever.
OK, so are you saying that each of my backup drive needs to have the capacity to backup all my contents (12TB) with, at least, one full backup?
Given the above longwinded explanation, yes, and in fact you are likely to need considerably more than 12 TB. 16 TB might be ok though, for the reasons I explained. The aforementioned "rule of thumb" would have you in need of a 36 TB backup drive. That example demonstrates its fallibility.