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That ususally (if not always) only happens when one of the sponsors is a sponsor of the series, not of the car manufacturer or the racing driver. And those brands almost never "compete" in the hierarchy of the livery itself. When that happens, is not because of "creative freedom" but because the series pretty much demands all the participants to run those brands on their cars.
A famous exception is the BAR Honda Luckies / 555.
If you would say "there's nothing right or wrong" creating a livery in the real world you would be out of business pretty quickly. But in GTS yes, everything's permitted. That has its upsides and downsides though.
But Lucky Strike and 555 were/are both owned by the same company so why not try to promote two of your products if you have two blank canvases until the FIA say nope