I would assume the answer is 'no' but I wanted to check.
It feels very odd to be able to replicate (up to) 4 magic items at level 2, but only ever be able to use two of them at a time at that level, because it just saves you a bit of money early on. Or, for example, if you replicate a bag of holding, you can only ever have one other infusion active.
I have seen a few people claim that the replicate magic item infusion does not count against the standard 2 max infusions (at level 2). Just that you are limited to having only 1 replica of your chosen magic item at any one time. The claim is that (Tasha's Cauldron of Everything p.12) the reference to an 'infusion ending on a bag of holding' is only applied if you attempt to make a new bag of holding, but I wanted to ask what others think.
I like this second option better, as it means you can play more with your enhancement infusions.
It also avoids having to constantly pick up every item that pops out of your bag of holding when changing infusions since it would be the oldest infusion every other time.