I'm wondering how they're going to recap volume 1 + volume 2 in two 20 minute episodes.

They could likely fit the first chapter and initiation into a single 20 minute episode. After that I'm not sure how they fit the remainder of V1+ any significant amount of V2 into a second episode.

It's not unheard of for the first episode of some anime to have a ~45 min first episode. A 45 min episode I suppose could conceivably be: Ruby intro -> initiation -> Blake runs -> finale docks fight. Leaves all of V2 for a second 20 minute episode.

With all that said I feel like there's probably major cuts. I'm wondering if the White Fang's existence in Vale gets entirely cut out. Miles & Kerry have admitted the difficulty in writing it. I also don't think dealing with the philosophy of militant anti-racism is something the average Japanese anime fan is interested in.