Yes. One account can be shared by up to five devices. Whether those devices are phones or not doesn't matter. Desktop, laptop, phone... every device registered to the same account counts towards those five.
Everything managed under the same account (contacts, files uploaded to OneDrive, your app purchases), will be available/synchronized across all of those devices.
Is below the question?
Do you want to use 1 ms account on two phones? Yes this is possible. I even use 4 phones with the 1 ms account.
And if you do that than indeed if you add a phone number in contacts in phone 1 it will show up in phone 2.