[primaeval]

When I watch and record the same channel, will it open 2 connections to my iptv provider? I need to be sure I can prevent it from happening, otherwise I will get banned.

[EDIT] Yes  it will open 2 connections. You might be able to watch the recording from the Recordings folder at the same time but that might cause the recording to stop if your device gets overloaded.

I couldn't guarantee only opening one connection at once so I'm not going to even try adding it to the addon.

If your provider doesn't do its own connection limiting on its server and leaves it up to you, then it is time to get a better provider.

You can also use any of the other Kodi addons that provide TV channels, either in the official repo or elsewhere.
Use the plugin:// links that you get when you add a link to Kodi Favourites (without the PlayMedia command) in your m3u.