Yes, it’s possible to use a Xin-Mo Dual Arcade. It is seen as two identical controllers, so when Batocera asks you to configure a controller, do it with the player 1 controls. Batocera will then apply that configuration to both controllers, so you don’t need to configure player 2. If you do, it will just replace the configuration you just saved.
This means that you need the buttons for both players to be wired in the same order. That’s because in Batocera you don’t configure controllers per se, but controller models. If you have several controllers of the same model (e.g. 2 PlayStation controllers), you only need to configure it once for that model. Same goes for the Xin-Mo Dual Arcade.