If both distros point to the same location, e.g. the same swap partition, then hibernate will only function if you reboot into the same distro next time you turn on your system.
However, the way around this is to create a swap file on the root partition of each distro, then you would tell each boot option where to find their resume information, i.e. the different swap files. You would have to look up more information on this for complete details.
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