Interpolating Points using Shapely

Yes, transform your points to UTM (with pyproj or whatever), make a Shapely LineString from them and then call its interpolate() method with the distance in meters: https://shapely.readthedocs.io/en/stable/manual.html#object.interpolate.

you can use GeographicLib, check out the examples here. This answer was inspired by this one.

It will get you more accurate values than Cartesian interpolation (using UTM coordinates), and also you won't have to deal with the case of each point (point 1 and point 2) belonging to different UTM zones.