I have deployed my PS 2022 TEST version in my PS 2020 TEST machine. PS 2020 is using both IIS and container for the WEB API (so i can test with either). I have both running (PS 2022 and PS 2020 in test)
For production, i am using a container for the WEB API portion, so the client app is nothing more than a download. So i have that on my production IIS server that also has PS 2020 on it. Again, i have both actively running and being used.
are you removing the PS 2020/2019 version? If so, i would use the same machine.
if you are keeping PS 2020/2019, then i would think about maybe a new machine depending on how/where are you deploying the WEB api components. If you are deploying on IIS, then you *should* be ok, but it will use up some resources, and because of it being production i would use another machine. If you are using container for the webapi, i would use the same iis server.
note: I had to change some of my IIS settings due to how i had it setup for PS 2020 downloading the compressed files (10x).