Yes, just like with physical SIMs. You can name each line as “Perso”, “Work”, or anything you like and assign different ringtones to them. You then set a default line for outgoing calls, but you can also choose which line to use at the beginning of each call. It also remembers which line was used for each call, so, say, if somebody calls you on your work number and you want to call them back later on, your outgoing call to them will be made from your work line, regardless of your default line settings.
When someone calls you, at the bottom of the number it displays which line is being used, so “Perso” or “Work” in our example. If you set separate ringtones, your incoming calls will be super easy to filter apart too.
I have been using this setup (a personal physical SIM and eSIM for work) for about three years now, no complaints whatsoever.