Hi @Arne Vellinga ,
Azure WAN VPN Gateway itself is an Active-Active Gateway. With your scenario, you will be creating 8 tunnels, 4 for Hub1 and 4 for Hub2 VPN gateways provided you have 2 On-Prem VPN devices in each site.
Yes, your scenario is possible and it will provide High Availability to your architecture.
Let me know if you have any further questions.