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Would it be possible for a software-defined FM receiver to demodulate two signals on the same frequency?

Yes. A high sample rate (much higher than the audio frequencies modulated) SDR plus an FFT based demodulator could play both as a mix, but not always separate the two. You can clearly see the wiggles ...
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Would it be possible for a software-defined FM receiver to demodulate two signals on the same frequency?

In theory, it would be possible for an SDR to capture the primary signal, demodulate it, and subtract it from the total signal and extract the second signal from the remains and demodulate it. ...
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Would it be possible for a software-defined FM receiver to demodulate two signals on the same frequency?

Even SDR receivers can be subject to the capture effect. Depending on how the limiter or demodulator is designed often competing signals will cause the weaker one to be attenuated. This means that ...
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