You could use the same 4 switches and two transformers, as you stated you have and have two train operation, by making two loops, one inside the other. The 4 switches would provide two pairs of switches to connect the two loops at two locations and would allow moving each train to the other loop. See diagram of my control panel below
Ignore all the extra tracks and look at the two loops. Look at the bottom of the two loops and see two pairs of switches connecting the two loops. There is only one button (red to go loop to loop and green to go around the loop for each throw), to throw each pair of switches to allow the train to go from one loop to the other. With two pairs of switches this transfer is possible from both CC and CCW direction operation. Isolated pins are required between the switches of each pair.
As others have pointed out 2 trains can be operated on 1 loop but that involves adding one isolated track section of 5 or so pieces of track and installation of a sensor track by isolating the out side rail of a track to be a trigger switch for a 12 volt relay for each loop. This is a lot to build for a Christmas layout if it will be taken down after Christmas. By the way, both of the loops in the control panel diagram I posted above, have 2 trains on 1 loop relayed systems.
An single loop oval and figure 8 provide a superior operating experience by allowing looping, running the figure 8 and reversing in both directions. You could make and oval and figure 8 using 4 switches and add a second loop out side loop with 2 switches connecting the loops as in my diagram. 2 trains on 1 system can be added to one of the loops allowing 3 train operation or to both loops giving 4 train operation if you want to get fancy.
The link below shows how I built the whole layout (pg 1, post 1 bottom, has table of contents) and 2 trains on 1 loop is on page 1, post 8c.
https://ogrforum.com/...ra-027-layout?page=1
Charlie