The template editor only says it’s listening to one entity because the first clause of your and always fails… false is also no “on”. It doesn’t need to listen to the other entity until the first clause passes.
There are 4 possible combinations, which ones should return an “on” state vs. an “off” state?
It’s not clear to me if I’m supposed to be recording on/off or true/false for the result of value_template. It’s also not clear to me if is_state is returning boolean or “on” and “off”. I believed it to be the latter, with the second parameter being a default when the entity is not initialized.
In any case, this does not work either. I edited my original post with a few other variations I tried:
{{ is_state('switch.bedroom_night_sound', 'on') and is_state('switch.bedroom_subwoofer_enabled', 'off') }}