I have an existing iOS application that I need to be able to build and release multiple versions of for different clients.
This application interfaces with hardware that
This was very helpful for me. It is essentially the multi-target approach but you customize it for a company and you upload to their account.
https://developer.apple.com/videos/play/wwdc2019/304/ See from the 17 minute mark.
To summarize, you partner with the company you are developing for, from their Apple Connect account, they assign you as the developer and marketing role for the specific apps you are developing for them. You upload your builds to their account. They get ultimate decision of when they will release it and who will test it with TestFlight.