It takes a list of requested packages, does some dependency resolution to arrive at a matching package list, generates environment variable setting/exporting code (in Python, e.g. setting things like PYTHONPATH and MAYA_PLUGIN_PATH), then launches a new shell with that code. So, yes, you can have multiple shells with different packages in use simultaneously. I don't think it operates below the industry software package level, which makes sense, as most industry software is non-free, closed-source binaries. Each package has a `package.py` with its own list of dependencies, and code for things like manual tweaks to env vars.
>"Using Rez you can create standalone environments configured for a given set of packages. However, unlike many other package managers, packages are not installed into these standalone environments. Instead, all package versions are installed into a central repository, and standalone environments reference these existing packages. This means that configured environments are lightweight, and very fast to create, often taking just a few seconds to configure despite containing hundreds of packages."
>"Using Rez you can create standalone environments configured for a given set of packages. However, unlike many other package managers, packages are not installed into these standalone environments. Instead, all package versions are installed into a central repository, and standalone environments reference these existing packages. This means that configured environments are lightweight, and very fast to create, often taking just a few seconds to configure despite containing hundreds of packages."