It can be done to some extent, for a limited time, depending on how much access the hacker has to what devices and information, and on how long it takes the victim to notice and to respond effectively. If they have possession of a phone belonging to someone who has two phones, and if they can open that phone and/or get access to enough information about that person and their accounts, then they may be able to log in to the phone company web site and/or call the phone company and impersonate the owner, and report it stolen and get it blocked. What kinds of blocking are possible may depend on the model of the victim’s remaining phone, and its settings. But as soon as the owner contacts their phone company and identifies themself, the company may end up believing them and unblocking the phone and blocking the stolen phone instead.