To question 1
Yes Composer can only install one version of each extension/package.
To question 2
Because of answer 1: Composer would consider your main project and the external package as incompatible.
In this case you could
- stay with version 5 at your main project too.
- ask the external package owner to upgrade to version 6 too if it’s compatible to.
- fork the external package and make it compatible to version 6 yourself