ColdFusion 2025 Standard NUL for multi-customer CMS hosting?

You're going to want to hear from Adobe sales, rather than any opinion here, I realize. But they're not likely to reply here. Assuming they don't, send an email to cfinstal@adobe.com. They'll get you the answer or to someone who can offer it. 

I'll say this: the term "NUL" (named user licensing) does not mean what we'd naturally infer: it does NOT in any way limit the use of cf to "one named user". Nor is the name of the purchaser in any way presented, even in the cf admin. The terminology comes from Adobe's licensing of OTHER products, like the creative cloud suite. But the cf team was forced to take on that terminology.

Same with the "FRL" (feature restricted license) : there's nothing about that which in any way restricts cf features as compared to the NUL license.

Instead, it's Standard vs Enterprise which always has and still does present the distinction in features available within cf. 

As for knowing how cf usage is covered by its license, see the EULA. That's shown at install, or can be found in the cf folder once installed, or is available online.

As for more on these two new subscription license types for cf2025 and forward, see the cf docs on the topic. Start with this page, "Named User License in ColdFusion", https://guides.adobe.com/coldfusion/en/docs/install-and-configure-coldfusion/named-user-license-coldfusion.html, the see the other related pages in the left nav bar.