Does chocolatey allow to have multiple versions of same packages side by side?

Have a look at the documentation for the install command here:

https://chocolatey.org/docs/commands-install

Specifically, here:

-m, --sxs, --sidebyside, --side-by-side, --allowmultiple, --allow-multiple, --allowmultipleversions, --allow-multiple-versions

AllowMultipleVersions - Should multiple versions of a package be installed? Defaults to false.

So yes, it is possible to have multiple versions of the same package installed, however, it depends on "what" exactly is happening in the package, and the underlying installer, if this will actually result in two installations that will work independently of each other.