This is not very different than connecting microphones in parallels. The main advantage is the galavanic isolation, but for the rest, the two microphones are essentially in parallels, each one seeing the other as load, which may not be a terrible problem if they are identical, but becomes one if they have different impedance curves.
I would not use that for combining a Shure SM57 with a Sennheiser 441.
The only mitigating factor is the DC resistance of the transformer, which somehow buffers the effect, at the cost of some level loss.
Note that JT112L specified as a Line Output transformer.
If each input is driven by an active stage, these two stages end up being paralleled, which we know can be problematic, particularly when summing uncorrelated signals or worse, out-of-phase signal.
The only limiting factor would be the DC resistance of windings.