I don't think SDDM can facilitate two sessions concurrently. I'm open to being corrected about that. However, as a test, I started a Plasma X11 session (via SDDM) then opened a new VT, logged in as a user and started a Plasma Wayland session with
Code:
dbus-run-session startplasma-wayland
I did this on a single screen laptop, where switching between the two graphical VT sessions allowed me access either session as desired. I know it is not automated or managed via a display manager as you requested, but it does work.