No, parallel sprints are not currently available in next-gen projects, it only works if you are using classic Scrum or Kanban projects.
Yes you can there is a option under the Administration to enable parallel sprints in Jira. Enable that option and you will be able to run parallel sprints
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@Bharath Kumar Kappala That is only for Classic JIRA. Parallel sprints are not supported in next-gen
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