I understand that you'd like to know if you can have two timers running on an iPhone at the same time. It's important to make sure that you have multiple timers running if you need to, so I'll be happy to provide some support.
If you use the Clock app on your iPhone, it can only have one timer active at a time. However, you could have this timer active and use a third-party app that has a timer so both would be running at the same time.