When you’re creating your second patch, it would be built based off of your first patch so to speak. So you’d update the “Release version this is based on” accordingly, because the new patch would be based on the old patch but with additional updated included. For example: 1.0 to 1.1, and then to 1.2.
Once it’s built, you should follow the installing a patch section of the documentation provided.
[Installing a Patch][1]
The patching process creates a pak file in [ProjectName]\Saved\StagedBuilds[PlatformName][ProjectName]\Content\Paks. This pak file is the patch that should be distributed to users. For example, on Windows, you would create an installer to copy that pak file into the 's [ProjectName]\Releases[VersionNumber][PlatformName] folder, next to the original content pak file.
The patch pak file will automatically be mounted when it is located on the device in any of the pak search directories set in FPakPlatformFile::GetPakFolders. To prioritize patches, the mounting system uses a _p at the end of the filename to determine that it gets priority over other pak files. It can be renamed, but you need to include the _p.pak at the end of the file name.
If you build two patches from the same release version, they are both complete patches, so while installing the second patch, you should also remove the first.
Good luck!
Updating Unreal Engine Projects With Patches After Release | Unreal Engine 5.1 Documentation