Welcome Dragonfly :)
I play on iPad too. Yes, mobile users lack update 1.5 (they are working on it) and yes you can have more than one game on the same iPad device (I have several, they are each put into a different numbered/named folder in the file system like Farmer_123456789, Farmer_987654321).. and, you can even transfer that game between devices and some other platforms. So when I max out the content for iPad oh my farms, I plan to transfer my save files to PC or Linux. I installed a year or more ago, removed, then reinstalled the app and my game was still sitting there because of its presence in the files folder on the device that I was unaware of at that time lol.
If you look in the files app on iOS, there is a Stardew Valley folder, it has your save files in it. I back those up regularly to another location, and have even edited my save files on iOS to change my farm cave option (after creating a backup and saving it to Google drive, just to be on the safe side so I couldn't get my games confused). I'm hoping by the time I max out all the other content, that the mobile update will be ready. If not, not a big deal to transfer for me (apparently consoles can't transfer because no access to save files, but I have found third-party guides between the mobile platforms and PC/Mac). Though the nice part amount staying on mobile is the "emergency save" option where we can save anytime we want, I read this requires mods on other platforms and that only going to bed will save otherwise on these if what I read is correct.
More about save file location here:
The game saves progress when the in-game day ends, i.e., when the farmer goes to bed, collapses from exhaustion, or collapses at 2am. All progress during a day is lost if the player quits the game without ending the day. In multiplayer, the game saves after all players click through the prompts...
stardewvalleywiki.com