Hi Eliot,
You can use 1 proportional thermostat per as many identical cages/set-ups as the wattage with allow. Helix has 500 watt modules, so You are limited to 500 watts until You have to add another module.
If the setups/cages are not identical (or very close) then You would want a different thermostat for each TYPE of set-up.
The dual Probes/thermostats is exactly as stated earlier--a BACK_UPthen your #2 would maintain the temp at 88F, and keep the heat source (which would otherwise now be running full blast) from cooking whatever its heating (animals, eggs, etc)
If You were monitoring say 10 identical cage set-ups: Probe one would go into and monitor the heat source in one cage, and probe do would do the same in a DIFFERENT cage. Its beyond unlikely that BOTH heat sources and/or BOTH thermostats are going to fail at the same time.
I have a 100F shut-off module with my Helix that handles 1500 Watts. If temps--for any reason reach 100F--->it shuts down.
The new double probe is probably better, especially with incubators, but the Helix way works too.
HTH