Hi @Southbranch,
You are right and your understand is correct.
"no need for 2 ports, only one port is sufficient." => I mean only one data port. But we need two NCS: CS for port 1 and CS for port 2 as explained in the below figure from AN5050:

So, Multiplexed mode requires BOTH: OCTOSPIM_P2_NCS and OCTOSPIM_P1_NCS
as mentioned in the RM0468:
OCTOSPIn_NCS are not part of the multiplexing. Only OCTOSPIn_IOs, OCTOSPIn_DQS and OCTOSPIn_CLK / OCTOSPIn_NCLK are multiplexed.

Hope this answer your question.
If you still have issues, please don't hesitate to come back to the Community.
In order to give better visibility on the answered topics, please click on 'Best answer' on the reply which solved your issue or answered your question. Thanks