There is no single SDK endpoint that returns multiple identities at once, that is expected behavior, not a bug. To build up identity information you have to use the REST API endpoints individually (the docs linked in the thread), one request per identity identifier. The Flagsmith team confirmed the limitation and updated the Swagger documentation to make it explicit.
Source: https://github.com/Flagsmith/flagsmith/issues/1210
Source: https://github.com/Flagsmith/flagsmith/issues/1210