Well, it all depends..
If you're a bog-standard regular host with only 1 or 2 listings, grafting your arse off to try and stay in the game - the answer is that while it is technically possible to set up more than one profile at a time, if you get reported/caught, Airbnb will bounce you off the platform in the blink of an eye. Permanently.
However, if you're what Airbnb classes as a "Pro" or commercial partner - a somewhat protected class in the Airbnb ecosphere - you can apparently have as many profiles (real or fake), accounts (real or fake), and listings (real or fake), as your heart desires.
As an added bonus - if you're really naughty - you can optimise your dozens of profiles by using them to leave hundreds of glowing 5 star reviews for your own listings (a very handy feature for burying all the authentic sh*tty reviews that real guests may have left), thereby giving you a massive advantage over the small, local independent plebs, trying to scrape an honest living. How cool is that??
Now, while Airbnb will repeatedly insist that they have "zero tolerance" for "bad actors" engaging in such "fraudulent acts", and that transgressors may be "removed from the platform" for any such skullduggery, evidence exists to suggest that may not always be quite the full story, in certain instances, at least...