IMHO you can run any numbers of encoder instances. The limit is fixed by the maximum resolution and framerate of the VPU (usually 1920x1080 at 30fps) depending on the imx8 model used.
Lets say your VPU limit is 1920x1080 at 30fps and you want to encode 2 streams at 1920x1080 at 30fps, what happens is that your encoder output will only deliver 15fps per stream.
However you will be able to encode 2 streams 1280x720 at 30 fps or 4 such streams at 15fps each.
This should scale linearly with a small offset.
VPU designers implement what is called "scalable designs" in the asic world.
I hope this helps