It definitely would if it was hideously over-sized. How over-sized is a matter between you and your supplier. I doubt anyone is going provide a definitive ‘yes’ to your question without knowing the finer details – and then likely not, as they would not want to be responsible for duff advice, should it fail.
I’m quite certain that two suitably sized inverters would be cheaper than buying one with sufficient excess capability to reliably cope with both. There are up-sides to running two – the motor trip on the small motor could be used, the variable speed for both machines would be available separately and the small motor could be left running while the large one is off.
Some run whole workshops on one VFD, so it can be done. Just how expensive – and they would not have the soft start possibility either.
Edited By not done it yet on 16/01/2020 20:54:15