Hi, 

yes that is possible! I found this very good post / instructions and tested with the IOT2050 and Example Image V1.2.1. 

My setup was: 

Router -- X2 IOT2050 X1 -- X1 IOT2040

IP Settings on IOT2050: 

• X2 (eno2): dhcp
• X1 (eno1): 192.168.200.1

IP settings on IOT2040:

• X1: 192.168.200.10; Gateway 192.168.200.1

Additional config in the IOT2050: 

• apt install iptables
  
• iptables -w -t nat -A POSTROUTING -s 192.168.200.0/24 -o eno2 -j MASQUERADE
• nano /etc/sysctl.conf and uncomment the line net.ipv4.ip_forward=1
• sysctl -p

Additional confing in the IOT2040:

• iptables -w -t filter -A FORWARD -m conntrack --ctstate ESTABLISHED,RELATED -j ACCEPT
• iptables -w -t filter -A FORWARD -i eno1 -j ACCEPT
  
• Change /etc/resolv.conf and add nameserver 8.8.8.8 and make the file immutable

You can use the same settings for the IOT2050, but of course you need to check what is required for the devices using the shared internet connections. 

Best regards!