Two kids playing Minecraft on iPads signed in with my Apple ID

You’ll have to forgive me, I’ve never been a gamer so I don’t even have the right terminology to ask my question properly.

I finally caved and got Minecraft for my two kids, ages 6 & 7. I downloaded it onto their iPads that are both signed in with my Apple ID. They’re really enjoying it but they keep inadvertently editing characters and such that the other one has created because I guess technically they are playing as the same account.

My question is whether there is a way to have them playing on two different accounts so that this stops happening. The only thing I have though of is creating a new Apple ID and signing in with that on the iPad, but I think whichever one gets the new ID will lose everything on their tablet if we do that.

Any help is greatly appreciated and will save some tears over here!