How many shopify accounts do I need for two markets?

Currently shopify allows having different versions of the same store, with their whole language translated, in different folders. This means it allows having this structure like this:

mysite.com (english version)
mysite.com/fr (french version)
mysite.com/de (german version)

Each version would have server-side rendered content in the its language, even with good SEO practices like adding hreflang attributes in

Only thing still pending for Shopify to fix is that URLs cannot be translated, which is not ideal for SEO

You wrote the word: Translate. You will never ever rank on google with a translated one, because its translated not an actual page. That is why Shopify is ***** in reagrds to that. You need a differnt platform; Magento, Shopware etc. to do that. Its recommend on Shopify to set up multiple stores. and Sync it.

I don’t think your assumption that a Shopify translated site will not rank in google has any base, and I do not know what “not an actual page” really means