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Dual booting < having two separate SSD's
They still need to share an EFI partition
Not really if you have a bootloader like refind it will look for other EFIs and list them. Makes for a really clean set up
The bootloader resides in an eeprom on the motherboard or something?
Kinda, theres actually multiple chained together. All of them handing control over to software more complicated than the last. The end goal is to load and hand control over to a kernal on stored on a writable storage media. The one on the eeprom is the first one (the BIOS).
Thanks for coming to my ted talk.
If you don't want to bother with the bootloader like the other comment mentioned you can also just use the boot menu from the motherboard instead. You gotta mash f11 (or whatever it is on your motherboard) on boot when you want to go into Windows, but if you only need it every once in a while it is good enough.