From my reading of Ledger Nano X, it can hold multiple types of currency, for instance, Bitcoin and Ethereum.
Can it hold two or more separate Bitcoin wallets with different balances?
Yes, you can have multiple bitcoin wallets in ledger nano x by adding a new account
All these accounts share the same seed, but have different derivation path
If I recall, you can access different wallets by using a different passphrase, which is added to the seed phrase as a "25th word", resulting in a completely different entropy seed and different key-pairs at every index in every path.
https://support.ledger.com/hc/en-us/articles/115005214529-Advanced-passphrase-security
So you could have one passphrase with your "actual" money in it, and a second passphrase with just a couple of bucks in and out. If you are held at gun point and forced to unlock your ledger, you can enter the second password and show the attackers how broke you are :-)
Disclaimer: hypothetical dramatization only
I now have a Ledger Nano X. When I try to add a second BitCoin Account, Ledger Live won't let me. There is no 25th word that I can find. So the answer to my question would seem to be "no", the Ledger Nano X will only allow one wallet per coin type.