Using Classic Outlook on Windows for personal email, calendar, and contact management
Yep - Outlook Classic 2016 does allow multiple Outlook profiles to contain the same email account. A profile is essentially a collection of account configuration plus Outlook-specific settings and you can create two profiles that both contain the same ISP email address but use different incoming/outgoing server settings.
For your situation, this can be a workaround. You could create, for example, a "ISP - Configuration A" profile and an "ISP - Configuration B" profile, with each profile configured with the appropriate server name, ports, encryption, authentication settings, etc. You would then select which profile Outlook should use when it starts. You would not have to repeatedly change the server configuration on the same account.
However, there is a limitation for what you are trying to accomplish: Outlook profiles do not necessarily share all of the Outlook customizations you care about. Views, folder-specific view customizations, AutoArchive settings, navigation-pane configuration, and certain other Outlook settings are profile-specific. Therefore, if you customize Profile A and then create Profile B, you should not assume that Profile B will inherit or remain synchronized with those settings.
There is a potentially better approach in your case. If the only thing changing is the ISP's server configuration, you can keep one Outlook profile and one email account and change the account's server settings when necessary. Your existing views and AutoArchive configuration remain associated with that Outlook installation/profile rather than having to recreate them. The downside is that you have to change the server settings manually each time the ISP problem occurs.
If the ISP gives you two different configurations that you need to switch between frequently, I would not create two profiles until testing how Outlook handles your particular views and AutoArchive configuration.
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hth
Marcin