Hello Epic Recruitment,
simplified answer: it is not possible to use two mail servers for one domain and route one e-mail address (eg. user1@example.com) to Microsoft 365 and another e-mail address (eg. user2@example.com) to your external hosting company.
If you can explain in more detail, what you're trying to do with M365 and/or your externally hosted mailboxes we might be able to provider more input.
More detailed/technical answer: You might have seen examples where people configured two e-mail servers for their domain, using multiple MX records. This is usually done for resiliency, eg. failover in case one e-mail server is unavailable or load balancing if you receive massive amount of emails.
But even if you have configured multiple e-mail servers in your MX record, an inbound e-mail to your domain will only be sent to one of those servers.
It is also possible to send outgoing e-mails from more than one e-mail server. A common case for this are newsletter providers, eg. your company sends "regular" e-mails from Microsoft 365 and marketing/newsletter campaigns from another service provider.