You can run multiple instances of OBS, yes (ideally each in Portable Mode with the -p flag), but each camera can only be used by one application at a time. The recommendation to bypass this is either to use obs-virtualcam (set a filter on each source in your main OBS and then add a virtual capture device pointed to it in each secondary OBS), or use OBS-NDI (similar instructions, but you'd use an NDI filter in the main OBS, and an NDI source in each secondary OBS instance).
The purpose of running multiple instances in portable mode is so that the config directory is different. If you launch OBS twice with the same config directory, you risk corrupting your settings & scenes because they're being read & written by two programs at the same time.