Geez, you and I must have the same Google search history right now. I was researching this exact issue (and Android/iOS audio latency in general) last night.
According to the last forum entry in this thread, there is no limitation on simultaneous audio. While the thread is from close to 2.5 years ago, it does describe the problems with audio latency, where it comes from, why it happens, and what can be done to circumvent the problem. In this thread, Ingemar knocks it out of the park in describing the problem with audio on Android.
I mention Android specifically, because I saw you were one of the threads where the Android audio lag was being discussed. Maybe you’re not talking about Android latency lag now, but the above threads still talk a lot about the way media.* calls work.
*** Meta-Update: I was putting together the annotations for this post when Joshua came right in! Joshua, the the first link above has an explanation from you regarding the media.* API calls. Can you confirm if the info still applies? Thanks!