Yes, as per new changes in education policy you can do two degrees simultaneously.

Both of degree will be valid.

Also you are asking for a diploma with degree then it's 100% valid.

You can definitely do bachelor's of computer applications from one college and a diploma in graphic and animations from another institution.

Both of the degree will be valid and you can show it everywhere.

I hope this information would be helpful for you.

All the best for your bright future ahead