With one Apple ID, can I have 2 different profiles?

By definition an AppleID is the universal individual login ID for apple services by one person. So no, an AppleID cannot have two distinct users. Apple’s online services (iCloud, FaceTime, iMessage, the App Store, etc) have no way of knowing who is actually signing into the service. The system simple sees the AppleID, which defines the account. So there is no way for any Apple service to assign unique data or profiles to different people using the same AppleID.

One AppleID = one account for each service. Anyone using that AppleID sees the exact same account content and settings as anyone else using that AppleID, and has the exact same permissions to change anything in the account.

To do what it sounds like you want to do, you need a 2nd Apple ID.