If the forms share state between them (strongly coupled), that could lead to code maintenance, readability and performance problems on larger projects, as well as a way for the end-user to inadvertently change the state of form A while editing form B (usually an undesired behavior in my experience). Though sometimes that might be the desired outcome such as in more complex forms. Here's a case for multiple forms which you may find useful: How should I structure my multiple forms (paginated) to be able to submit both at the same time.

If the forms merely exist side by side but have independent state variables, then you could keep them on the same component. Suppose you have a component UserProfilePage.jsx which renders the user's profile as distinct sections which you chose to implement their editing workflow with a <form> HTML tag for each section. This way you can keep each section editing as separate state variables, like when a user edits different sections of his profile page but opts to save only one of the sections (i.e. form submit).

Although I tend to lean towards the one form = one component solution, either approach may be fine depending on what you want to implement. But without more details about your project it's difficult to give a conclusive answer as to whether it'd be best to have the two forms on a single component or on separate components.