Hello,
From your description, it seems that the operating logic of this application itself allows only one user to run it at a time. Is this application a Microsoft product? If it is not a Microsoft product, from Microsoft's perspective, it is unclear about the operating logic of third-party applications, and you may need to contact the third-party software for consultation.
If you need to use app virtualization, it involves creating a virtual application package. Not all applications are suitable for virtualization, so you need to test it. You can refer to the following documents:
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