I worked at a company where a remote worker tried this. It only lasted a few months because the decline in his performance was more obvious than he thought. He also suddenly become more difficult to schedule meetings around because he was pulled between two companies.

Corporate counsel said it wouldn't be worth pursuing anything against him. He won't get any positive references from anyone, because he tried to make the two-job situation work by shifting more work to his teammates and doing the bare minimum to not get fired.

The real risk is that the companies find out about each other and you lose both jobs. This is a real possibility if your new employer does a background check and calls the old employer to confirm start and end dates, which I suspect will become standard practice in any remote company going forward.

The only way the two-jobs scenario works out for anyone is if you can find two companies where both managers aren't good at managing performance. Either that, or if you're a superhuman developer who can actually put in the equivalent of two 40-hour workweeks with the same energy for both companies, in which case you're better off getting a single 40-hour FAANG job that pays as much as two normal jobs anyway.