Bluetooth devices

You iPad can be simultaneously paired and used with multiple different Bluetooth devices - such as a keyboard, mouse, trackpad, bluetooth speaker and AirPods. Some devices cannot necessarily be used simultaneously (e.g., AirPods and Bluetooth Speaker), but others can be used together.

Many bluetooth devices can themselves only be paired with a single host device (such as an iPad) at any one time. Some devices can be pair with two or more hosts, but must switch (or be switched) between different hosts.

I believe that most bluetooth devices support the active paring with only one other device. The bluetooth device might be able to store multiple devices it can connect with, but it will connect to only 1 device at a time.