Hi,
Configuration Manager's Azure service for Cloud management supports multiple tenants. Multiple Configuration Manager sites can connect to the same tenant. A single site can deploy multiple CMG services into different subscriptions. Multiple sites can deploy CMG services into the same subscription. Configuration Manager provides flexibility depending upon your environment and business requirements.
For more information, see the following FAQ: Do the user accounts have to be in the same Azure AD tenant as the tenant associated with the subscription that hosts the CMG cloud service?
https://video2.skills-academy.com/en-us/mem/configmgr/core/clients/manage/cmg/cloud-management-gateway-faq#bkmk_tenant
I hope the above information is helpful to you.
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Best regards,
Larry