Most any drivers you may be using will not be compatible with both versions as NI only supports back 3 versions (ex DAQmx 20 supports back to LabVIEW 2017). And I don't think the community license will work with LabVIEW 2014.
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It is possible to install 2 versions of LabVIEW on the same computer but it is not possible to have 2 version of NI hardware drivers on the same system. Personally due to this, I use virtual machines for each different version of LabVIEW.