I have done it, but there can be issues. If you do not fully partition and run from the same container via separate volumes, they share the reboot volume and that can cause issues.
Mostly I found:
- Booting on the other system requires logging in to iCloud again, gets to be a pain.
- Big Sur 11.3betas have been more stable than the previous releases on M1! With b4 there are no more sudden crashes at night and the BlueTooth really works well.