Amazon FBA listing

If my product has 2 variations, can I create 3 different listings, like:
In 1 listing I am selling 2 variations of this product
In the 2nd listing, I am selling 1 of this variation and the same goes for the 3rd listing.

Does amazon allow me to do this? If yes, will it affect my inventory?

No that is against terms of service. Only 1 listing per product is allowed.

only 1 listing you can make

Yes, Amazon allows you to create separate listings for different variations of your product. also you can check this link for more information - https://sellercentral.amazon.in/seller-forums/discussions/t/965d6427-93be-4e6a-9407-8f3bfbd0e8af-Golang Tutorial

Yes, Amazon allows you to create a parent listing with two variations and separate listings for each variation. However, managing multiple listings can affect your inventory tracking. If a product sells on one listing, it won’t automatically adjust stock for the others. Using a repricer helps maintain competitive pricing while ensuring your inventory stays balanced across all listings.