AP Physics 1 versus AP Physics 2?

Sure it can. A school can structure a class however is pleases so long as it has been approved by the CB, and follow the AP syllabus. The College Board may prefer that the two be offered as 2 year-long courses, but they can’t make that a requirement. Some schools offer AP Physics C as a 2 year sequence, others as a one year. Same with Calc BC and a host of other examples.