If you want to enforce two different speeds, then you would need two pairs of TPWS loops, one for each speed. Whilst it might theoretically be possible to have a single arming loop with two trigger loops, I suspect it would need a significant reworking of the standard TPWS control units. The control units are designed to control and detect a pair of loops. It would be easier to just provide two standard pairs of loops, than to develop some non-standard TPWS control units for the few occasions where this non-standard arrangement might be useful.
Differential TPWS is often provided in rear of junctions with flashing aspects, where you get a speed restriction that is only applicable if the train is taking the diverging route ahead (i.e. where you get an advance warning board with an arrow). If the junction signal is off for the straight route then the TPWS is disabled, whereas if the junction signal is off for the diverging route (with flashing aspects in rear) then the TPWS will enforce the diverging speed restriction. I suspect that the same may apply at other junctions where the junction signal isn't approach controlled from red (e.g. where there are splitting distants, PRIs, etc.).