I am trying to get similar results (different requirements)
But if you want separate networks in ethernet, you will need two separate bridged TCP/IP interfaces iot and lan (in interfaces/add new interface and select static address).
Configure each interface with a different range of IPS,say 192.168.1.1 for Lan and 192.168.0.1 for iot (static Io address IP I. The router with 255.255.355.0 mask).
Activate a DHCP server in each of them if you want to provide dynamic address for devices (recommended and needed for some kit devices that don't let you easy access to configure their IP settings).
You have to networks now, basically they are two separate software switches where each connected device can reach any other of the network).
To get access through wifi, you need to create two wifi SSID in the access point with a password or security configuration. Assign lan interface to the wifi lan and iot interface to the iot wifi.
That will create corresponding wlX-apY devices that will be assigned to the interface you select under network when you created the SSID.
Now you get access through wifi to two separate lans: iot and lan.
The created wifi devices (wlxxx) will be added to the selected interface (that are a bridge, a software switch).
But usually you want to connect devices by ethernet wire too, at least for the lan interface.
So in the lan interface when you created it you assign it a device that is the hardware bridge of your router (usually called br-lan, check that you have it added as device in lan interface).
The iot interface should not have a device assigned to if it is meant to access it only by wifi.
Until now you have to separate networks one (lan) that can be access through wifi and ethernet and the other (iot) that can be access through wifi only.
Now if you want to be able to connect devices via ethernet to the router ports, you will need to make changes to the configuration.
Each interface can be assigned one o more devices created in the devices page of your router.
In many routers all ports (but wan port) in the default are assigned to a switch device called br-lan.
If you want to connect iot devices in say port 2 and 3, you have to open br-lan device and take out the corresponding lan ports (usually devices called lan2 and lan3).
Thus those ports won't form part of the br-lan switch any more.
Then you should create another device (add new device) select bridge device as type and give it a name, say br-iot. Add devices that should be assigned to ti (lan2 and lan3).
Save it.
Finally open iot interface and assign br-iot to it.
You have now a lan network that can be access using wifi lan and ports in your router (but 2 and 3) and a iot network that can be access via wifi iot and ports 2 and 3 in your router.
If all devices are connected by wire to your router you don't need vlans.
Vlans are needed if you want separate networks (like lan and iot) to share one ethernet cable.
Imagine you have a switch or other router in other part of your home connected with your router only with one cable, and you want to connect via wire a device to iot and another device to lan in that part of the home.
You can configure that switch with two separate networks too, assigning some ports to lan and others to iot.
But if they have to access devices in your main router, you would need to connect both routers with two cables and corresponding ports assigned each to one of the networks.
But you only have one cable and one port in each router connecting them.
So you use a Vlan (think of it as a virtual cable identified by a number).
You configure say vlan 3 to iot and 1 to lan, and in the br-lan device, in the page filter vlan of bridge, activate vlan and add vlan 1 and 3. In te port that connects both routers (say port4) select tagged for both vlans (or tagged for iot and untagged for lan).
Make the same in both routers.
Select untagged in vlan 3 for all ports you want to connect to the iot network.
Select untagged in vlan 1 for all ports you want to connect to lan.
Each port can have only one untagged vlan, but you can add tagged traffic to many vlans.
The untagged vlan will be sent using normal packets seen by any device connected.
Tagged vlans will send the packets marked with the number and that traffic will be hidden for normal devices (only devices that support vlans like openwrt routers can see it).
Now you have created in the router two more bridge devices named br-lan.1 and br-lan.3 (you can change names).
Open lan interface and change the device assigned to it to br-lan.1.
Open the iot interface and change the device to br-lan.3.
That way traffic comming from the other router will be directed to the aprropiate network in each switch in the router.
After that you will need to configure zones and firewall rules to get the routing and isolation you are seeking.
That is where I am a bit stacked and not getting the expected results.
I am from the old days, where ip networks were much more simples, you directed traffic configuring gateways for each lan and configuring rules and routes.
There were no zones and no policies.
If I understand well zones are a way to simplify rules creation, you define what you want using zones and then te software creates routes and rules for you,
But I have yet to master what the do exactly and how it relates to policies (pbr).
[OpenWrt Wiki] DSA Mini-Tutorial