You can always create additional accounts in Ledger Live for different use cases. There are no limits to that as long as an address of 'account 1' was funded before you create 'account 2'.
There is a limit, it is called time! Adding a single new account takes little to no time but I have had a Ledger with at least 5 accounts before and the initial setup takes a LONG time to find and sync them all up. Coin Control with address labels is so much easier and does not need time to 'sync accounts'. It just syncs the balances of addresses of your 'account 1' derivation path.
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Regards,
PrivacyG