This depends what kind of multi-player game you have in mind.
If you are talking about multi-game instance architecture (each player runs an own instance of the game), there is nothing you need to worry about. Everything gets rendered from the perspective of the local player.
But the game model needs to be synchronized between the instances. E.g. if a tree falls in the game, the players looking at the tree see it falling. When the other players go there they should see that the tree is down, even without seeing the fall -> the game model changed for all instances.
Shared screen multiplayer games have no problem either as there is just one camera.
A split screen game is different. You need to ensure that each viewport gets it’s own render processing even for LOD and object/action culling. The HUD can be shared over both viewports.