We tested this in August (Milestone NVR Support Test), and confirmed that each NVR uses a single license connection (tested with Milestone Corporate).
The biggest support limitation we noted was the number of IP cameras detected when the NVR is first added to Milestone cannot be increased. For example, you add an NVR with 6 cameras in Building A, you add 2 more cameras to that building, you can not add them to the NVR and increase the number of IP cameras on that NVR in Milestone. We tried deleting, disabling/enabling the NVR and found no way to enroll additional cameras on the NVR.
Additionally, despite edge recording being listed as supported in Milestone documentation, we were not able to view video recorded on the NVR, only the video recorded directly to Milestone Recording Servers.
There was little to no latency introduced by connecting the cameras through the NVR versus connecting direct, however, you are creating a single point of failure for many cameras by forwarding the video through 1 device. Also, PTZ control is supported, and worked in testing, but was not very responsive (in either the NVR interface or through Milestone).
You should also be sure to test the exact model of NVR and version of Milestone because we did note some issues with firmware versions and device drivers when adding the hardware into Milestone.