Yes, however there are few things to note:
When you really want them to be isolated, you have to disable DSDS (dual sim dual standby) in
the *#*#4636#*#* phone information menu. Otherwise your other IMEI will still broadcast.
While the IMEIs are different from a carrier point of view, they still share the same TAC.
An IMSI catcher can detect that the same device model was present in a specific area.
So a capable adversary can still geo-fence devices based on that, but that requires serious active
investigation to take place. Namely, which "Pixel 8" was present in location X at DDMMYY:HHMM.
This is a theoretical correlation but it exists. But I can name only a few countries capable of that.