In general Bluetooth devices are made to work around each other by switching between channels if they detect one is in use by another nearby device. But there are cases where another wireless device appears to significantly degrade the mouses connection.

When this happens there are generally other factors involved as well. Such as interference from a third device which both Bluetooth devices are also trying to work around. The most common source of this on modern systems is USB devices connected to USB 3.0 ports (you can find more details about this issue here if it could be factor on your setup). In addition to external devices, we've also heard of cases where internal components can compromise a mouses Bluetooth connection (for example a fingerprint scanner as discussed in this thread on Microsoft's forum).

All of this is to say that unfortunately the cause for problems like this are very system specific. So the best approach would be to replicate the issue, then try making adjustments to your setup (disconnecting/disabling non-essential device) until the problem goes away. Once you know which devices are contributing to the problem you can then make an informed decision on how it would be best to alter your setup to avoid the problem.