You can have the Creative Cloud activated on both machines. But legitimately, you cannot run any of the Creative Cloud apps on both machines simultaneously. That means that if you're already running Premiere Pro on one machine, you cannot run After Effects or any other Creative Cloud program on the other machine at the same time. You must wait until you close the Creative Cloud program on the first computer before you launch a Creative Cloud program on the other.
If you must use Creative Cloud programs on both machines simultaneously, then you must have either a second Creative Cloud subscription or a multi-user subscription to do that.