You can trade-in as many qualifying devices as you wish - either in-store at a physical Apple Store, or using the online trade-in process. While are some procedural wrinkles (that I’ll describe below), you are not limited to a one-for-one trade.
Apple Trade In - Apple
Each device is assessed its own right. Many choose to complete their trade-in in-store - as doing so removes any uncertainty as to trade-in values or acceptance.
If using the online trade-in, you will be sent a shipping kit for each device. Devices are returned, assessed and a credit value assigned. When making a trade-in separately to purchase, the trade-in value is returned to you by way of an Apple gift card for each device - and these can be used to purchase whatever you wish with Apple.
If a trade-in is initiated during an online purchase for a new device, you will be limited to trading-in a single device for the transaction; you will initially pay full price for the item, but will receive a refund against your credit card upon subsequent return (and acceptance) of the item that was returned for trade-in. While you can only trade a single device with this specific process, you can use the credit generated from prior trade-in as part payment.
By contrast, a trade-in can be made using the online process without making a new purchase. As described above, for qualifying devices that are accepted, this will generate a credit (via Apple Gift Card) to used against a future purchase. When purchasing online from Apple, if memory serves correctly, you can use up to eight Gift Cards towards full or part payment during an online purchase transaction. As such, you can effectively “trade” up to eight devices against a purchase of one or more new devices.
I hope this clarification and explanation proves to be helpful.