I have an app store release provisioning profile that will expire after two months and I want to update it. I have created a new distribution certificate and uploaded it. If I go to edit, change the certificate with the new one in the app store provisioning profile, save and the download the newly generated one, will that affect my released app in any way. Will it require a new release and review from Apple.
What you're running into is a common problem for ALL Apple developers. Like apps rely on profiles and profiles rely on their certs (and the entitlements of their AppIDs).
And it's common for your certificate to become expired. Or to make changes to your profile and make it invalid.
An expired/invalid profile will STILL allow users to continue to use your app or install it from app store. No harm will come to them.
tldr your profile/cert need to be only valid when you submit to Apple. After distribution that, for the that unique build, your app should work indefinitely.
It's just that you can't submit newer versions to the App Store Connect until your profile is up to date.
Does having two profiles for two targets make a difference?
Everything is same as I already answered. No harm will come to what you have in the app store. It's just that you won't be able to submit newer builds to the app store connect again until both profiles are valid