Can iTunes have two profiles

iTunes doesn't have profiles at all.

iTunes can load different iTunes Libraries at startup by holding down the shift key when launching it, but has no limitation about who can use said libraries when loaded. Also, the logged in account does not change when you load a different library.

What exactly are you trying to accomplish?

o.k.

Make a backup of each iPhone, and then restore said backup to the proper new iPhone.

iTunes can take backups of different devices and keep them separate, no profiles or user differences are required here.

Backup each device, and then setup the new one from the appropriate backups. You can choose the backup when you set up the new iPhone.

click here ➡️ Restore your iPhone, iPad, or iPod touch in iTunes on PC - Apple Support

No.

But you may have two separate user accounts in Windows, each with its unique iTunes profile.