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I wrote a nifty function for parallelizing loops in bash really fast called forkrun. It will, with the help of tail -F, let you do this (among many other things) by writing the output from each parallel worker to a separate file, which you can then monitor in real time with tail -F in another terminal window.
Multiplexing is great for your multiple outputs, but I would highly recommend using pueue & pueued for job control. Lets you organize your background jobs into groups which can be paused, resumed, etc. Also lets you act on jobs from different terminals w/the pueue interface.