If you run the lines correctly yes, it will do that and more.
HF has 2 dust collectors: 2 HP and 1 HP - if you are only running those 2 machines, the 1 Hp will probably be more than enough
However, if you are considering adding more machines, I;d go with the 2 Hp - it's not much more and will be all you need.... Forever LOL
I have:
Table, Miter, 2 Scroll saws, 2 Drill presses 1 used as a sander, Belt/Disc sander, Grinder, Dremel and 3 work benches - my 2 hp handles them all and I can vacuum the floor when I'm done.
It's a real workhorse! At 4 years old it's probably the 3rd best piece of equipment I've purchased with no problems