Yes. A theme licence extends to one shop.
You could talk to the theme developers and see if they make exceptions depending on your use case.
This is Finley from the Social Care team at Shopify.
As Jason said, if you have two open Shopify stores, you'll be required to purchase a theme license for both stores, as noted in our Terms of Service.
However, if you need to transfer a theme license to a new Shopify store, with plans to close your original licensed store, this is something our team can help with.
If you need assistance with this, we'll need to access your account. While we’re not able to provide account-specific support via the Shopify Community at this time, we’d be happy to continue assisting you through live chat, email, or callback. Please visit https://bit.ly/3cJkx8V and log in to your account to create a support request.
If there is anything else I can clarify, please let me know.