No, it does not apply to a 2-round pass. Disney golf has always had the rule that you cannot apply two different discounts to the same rounds and since the 2 round pass is itself a discounted price no other discount can be applied to make it lower.
The DVC discount has changed effective Jan 15. Used to be a set amount pre-ten a.m. and separately (and lower) post-ten. Now it is 25% off regular golf price pre-ten and 40% post-ten. That 25% pre-ten is actually worse than it was before all year round (previously it was better than the 30% AP discount most times of year for the pre-ten times and close to same other times of year and now obviously the AP discount is always the better one pre-ten). How good in comparison to old discount the post-ten will be will depend on what they charge for a regular round and which course you play (Osprey and Magnolia usually have higher regular prices than LBV and Palm).