When I create an Azure Function App via the portal, it's not possible to select whether an existing Consumption Plan is used or a new one gets created.
However, it is possible to do so via ARM Templates.
Azure Function Apps: Organizing the Azure Function Apps under same Consumption Plan discusses this, but it does suggest no implications.
What are the practical differences between having 1-on-1 mapping between Consumption Plans and Function Apps vs. many Apps in a single Plan?
In practice, for apps in a consumption plan, there really is no difference whether they're in a plan created for that app only (trying to avoid the word dedicated here to avoid confusion :) ) or sharing with other apps. The behavior will be the same.
That's an interesting question. IHMO, it should not be a problem until you need to scale both function apps. You need to be aware of App Service sandbox limits. More info: https://github.com/projectkudu/kudu/wiki/Azure-Web-App-sandbox#numerical-sandbox-limits