Layers are not properly closed when using more than one layer, so that each layer subsumes all subsequent content. Tested in Adobe Reader 11. I first mentioned this at https://tex.stackexchange.com/a/467005/174577, so I'm basically rehashing all the examples:

When \showallmakeup is enabled, all content after \viewerlayer[print] belongs to that layer:

\defineviewerlayer[print][state=stop,printable=yes,]
\showallmakeup
\starttext
    \viewerlayer[print]{One} more.
    \samplefile{knuth}
\stoptext



The same problem as above, demonstrated with \start...stopviewerlayer rather than \viewerlayer:

\defineviewerlayer[print][state=stop,printable=yes,]
\showallmakeup
\starttext
    \startviewerlayer[print]
        And then:
    \stopviewerlayer
    \samplefile{knuth}
\stoptext



Rather than two independent layers, the print layer (along with other content) belongs to the view layer. So hiding the view layer hides all content in this document:

 [view]
--- first
--- \samplefile{knuth}
--- [print]
------ second

\defineviewerlayer[print][state=stop,printable=yes,]
\defineviewerlayer[view][state=start,printable=no,]
\starttext
    \startviewerlayer[view]{first}
    \samplefile{knuth}
    \startviewerlayer[print]{second}
\stoptext