Can you pair 2 apple watches with 1 iPhone?

Yes. See this link for guidance --> Set up Apple Watch for a family member - Apple Support

Yes, you can. To add a new Watch, go to Apple Watch App > My Watch > All Watches, and add a new Watch. Make sure the Watch is prepared to pair with your iPhone.

Yes. If they are both your watch and you just want the ability to switch between two watches, you can only use one at a time. But you came here from an article about setting up a watch for a family member, so is that what you're asking about? If that is your question, you can have your own Apple Watch and also set up a watch for a family member on your iPhone, with the feature limitations detailed in the article at the top of this page.

I want to set up a 2 watches for family members--1 for each teenager on my iPhone. Is that doable?