Ah, do you mean one should be modifying the LOAD_PATH by setting JULIA_LOAD_PATH appropriately? E.g., with a directory structure as
myroot/
project_A/
Manifest.toml
Project.toml
project_B/
Manifest.toml
Project.toml`
I would first instantiate both projects individually by running
cd myroot
julia --project=project_A -e 'using Pkg; Pkg.instantiate()'
julia --project=project_B -e 'using Pkg; Pkg.instantiate()'
and then I could stack the environments by setting JULIA_LOAD_PATH, e.g., like
JULIA_LOAD_PATH="$(pwd)/project_A:$(pwd)/project_B" julia -e '...'
where project_A would now be the primary environment, and project_B the secondary. At least that’s what I pieced together from looking at Code Loading · The Julia Language and Constants · The Julia Language.
EDIT1: Simplified the JULIA_LOAD_PATH command.
EDIT2: Remove @stdlib as suggested by @fredrikekre
EDIT3: Accept this answer incorporating the help from @fredrikekre to make it easier for future solution seekers.