It can effectively suppress more than one squad, but imagine Maxim had m42s arc of fire!!! lol but still its bro 50Cal has a biger arc of fire and yet great suppression and fast set up
Not on its own it can't. Just tested it in CheatCommands out of curiosity myself. Stacked up like 5 Gren squads real close together, at vet 0 it takes at least like 6 seconds for another squad close-by the target to get suppressed (and from what I could tell for some weird reason, only
one other squad did) which of course is a fucking eternity that is realistically mostly useless. With vet 3 it'll suppress squads close-by the target in around two seconds, which is about how long it takes for a vet 0 HMG42 to do the same, probably just a bit faster.
Maxims will suppress a group if you're a robot that can instantly get the accompanying infantry to immediately fire on what's suppressed and then have the Maxim switch targets. And the group it's against refuses to move at all.