That's correct. If its one ticket the airline will manage baggage transfer between any terminals and the baggage will likely reach terminal 2 before the passenger.
Two hours for the transfer will be comfortable but one hour is manageable too.

Terminal 2 - in particular - is tiny (you can see all the gates at once - that's how small it is) so once the airside bus from terminal 3 to terminal 2 drops you there, it will take 5 mins to reach any of the boarding gates.

Ro