In $\mathbb{R}^{2}$, we are not dealing with "one" direction anymore. Intuitively you may think of it by considering this question: In how many ways in a two-dimensional plane you can go to a given origin $(0,0)$? Apparently there are infinitely many crooked ways. So going to $(0,0)$ along a line is just one way out of infinitely many ways.
Note that the concept of multivariate limit just requires the existence regardless of in which way you approach $(0,0)$. Note that using a straight line we can reduce two variables to one. So it becomes easier to know if the limit does not exist. And yes, if you impose the relation $y=mx$ pertaining to $x$ and $y$, then logically of course you can write your first equation as the second one.
However, as the definition of multivariate limit itself says, it is not sufficient to conclude a given multivariate limit exists if you just know it exists along every straight line.