Hello Leon,
I am Jaspreet Singh.
You cannot do this natively in windows but this third party utility can help you set up a hotkey for each recording device.
https://audioswit.ch/er#download
Disclaimer: this is a non Microsoft website. The page appears to be providing accurate and safe information. Watch out for ads on the site that may advertise products frequently classified as a PUP (potentially unwanted products). Thoroughly research any product advertised on the site before you decide to download and install it