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I used to work on 8 always on clients at the same time.. working from the office from 9am until 10pm ... kept impressing them even though my workload was crazy, was put on the biggest pitch of the year etc to then hear that the finance director asked my GAD if I really had that much going on because I was expensing all my late night Ubers to the agency.
I was so offended (was already super frustrated) that I gave my notice a few weeks later. As soon as I left they started looking for two people to replace me. That kinda felt good.
So to answer your question, it really depends on the agency. Have worked on 8+ clients at my last agency, but also worked on 2 clients at an other one.