In the Q&A portion of the announcement blog, Activision Blizzard clarified viewers don't have to watch a single Diablo IV content creator the whole time.
Viewers can hop between eligible channels without losing progress, but that doesn't mean you can watch both at the same time and gain progress quicker.
When you do meet the requirements, you must manually claim the Twitch Drops on the channel you're watching or from the Drops Inventory menu on the platform.
As long as you watch in moderation, you can get every Twitch Drop relatively easily.
Diablo IV is now available via early access on PC, Xbox Series X/S, Xbox One, PS5, and PS4 for Digital Deluxe and Ultimate Editions buyers and will officially release on June 6.