One user license means only one user id. But at a time two persons can work so if we give authorisation whatever to that user id it can be seen by both the persons.
Of course, one license can be use two simultaneous logins, meanse same user logged in twice so they are effectively the same user and therefore can see each other data. This is not recommended action since you could not then differnetiate activities between both / change log etc are all affected.
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