Yes, on same PC, I'm doing that all the time.
Just be aware that any change to Zmodeler internal settings will be local because all Zmodeler files will exist twice. And a small hint: If you apply Zmodeler updates, with auto-update, be sure that then there is only one Zmodeler running. Otherwise the update will be offered and installed again and again. You would have to update both Zmodeler installations, in sequence, of course. Or simple overwrite the other directory with the updated one.