Tried it out on my Xs Max, running EE as an eSIM and Vodafone physical SIM, switching data to come from one one network and then the other. Personal hotspot works for both networks.
After a very shaky first go at trying to get eSIM working (EE inadvertently talked me into killing my connection entirely!), I'm pleased with the implementation. I've set my work contacts to come through on the Vodafone physical SIM, and my personal contacts on my EE eSIM. The two don't mix and I'm more than happy that I'm not going to accidentally call colleagues from my personal line. Only use Whatsapp for personal use, so no issue running two numbers. Only downside is iMessage not supporting both of my EE and Vodafone connections, but then work picks up the cost of colleagues sending me picture messages and vice-versa.
This is exactly what my setup is, however, I need to be able to use WhatsApp for the business number as well. Hope WhatsApp brings the dual number registration soon to the iOS client.