Yes, it's only one connection type at a time - although realistically that means two devices can connect - one as a peripheral, and one as 'central'.
It's not a restriction of the chip, so the firmware could support it - but it means throwing lots of memory away all the time in order to allow it, and for the vast majority of users would just prefer the memory.
There is an open issue on GitHub for it, and maybe at some point it could get added to the new Bangle as we have more memory there, but I guess worst case we could have a separate firmware image that you could flash that allowed it.
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