I have a scene with multiple cameras. Each camera is following their respective paths. This was done so that I could have one scene but render out two entirely different animations. Now if I choose the camera that I want to render an animation from, how do I prevent the other animation from playing at the same time? I know that I can hide what is rendered in the Outliner but is it best practice to have both animations playing at the same time when rendering?
A camera itself doesn't play an animation, only the active camera determines what is visible in the rendered animation.
You could ignore the other (inactive) camera it wouldn't be visible in the rendering if it disturbs in the viewport.
Besides simply switching it to invisible in the outliner (as you already described) you could move each camera with its path to another layer. M layer# (0-9)
Assuming all scene data is on layer 1
Layer 1 Scene objects Layer 2 Camera1 and Path1 Layer 3 Camera2 and Path2
Another possibility would be create different scenes but this would be harder to maintain.