I have upgraded Cubase Elements 9.5 to Elements 11. Both versions are activated with eLicenser. I’m using CE 11 on laptop A and would like to use the old CE 9.5 on laptop B. Sometimes it would happen same time. Is it possible without any license issue?
You only have one license. Your 9.5 license has been replaced by 11 if you updated it.
Why do you want to run the older Cubase version on “laptop B”? Older, unsupported OS, or … ?
One way or another, with eLicenser you cannot use the same license on two computers at the same time - Soft or USB-eLicenser.