There isn't enough background to get a definitive answer, Abhishek. While it's advisable to have as few forms as possible (hopefully < 5), you don't want to combine drastically different goals into one form and have to always worry about whether your VRs are taking care of differentiating the look-and-feel. So yes, Visibility Rules (including those triggered on a hidden field, which in turn can be filled from the URL) can be used to completely transform the exposed fields on a form, or even the CSS styles on a form, in crazy ways. But it's impossible to say whether you should be using different forms in your case, because you haven't explained what your "basic 4-5 fields" are. Typicallym a Preference Center form doesn't do double duty for any other purpose; when there's lots of extra logic on such a form (Select/Unselect All checkboxes, GDPR compliance, etc) you'll just end up miserable if you try to make it do something completely outside of preferences.
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