Nothing should happen since the agent isn't present. If you only have one device record for the 2 operating systems, you will probably start to see a lot of failed and pending commands in the logs.
I would have thought that it would behave like a normal managed device when running the OS with Jamf installed. And essentially be offline when running the second OS. But if I sent a wipe command, I would think that once the OS with Jamf receives that command, that it would wipe the entire device. Or would it just wipe that Partition for the OS with jamf installed?