For the most part, I think you're right.
The two in one lanyard, if I am picturing this correctly, is a prussic loop in the middle of a longer than usual lanyard with a snap on each end. It is typically used to ascend a tree (usually using spurs) and used for work positioning, too. It's advantage is that a climber can spur up a large trunk to a large limb, throw the free end over the branch, clip to the belt, and then detach the other side of the lanyard. Used in this fashion, the climber is never unsecured while ascending past branches. Furthermore, the longer lanyard is really handy on huge trees when spurring up.
The modern trend of avoiding the use of spurs for trimming only makes this technique somewhat impractical. Use a throw-ball to set your climbing line, and go there much faster, safer, and easier. The 2 in one lanyard is still very practical for work positioning, and offers some advantages over a single, although the extra length can be annoying.