How so?
801.02
H. A throw or an action that is subject to penalty under more than one rule is played under the rule that results in the most penalty throws; or, among rules that call for an equal number of penalty throws, the rule that was first violated.
Only one penalty applies, so nothing all that interesting there. And if the two meter rule is in play and the disc is over two meters, it's the rule that was violated first thus the free relief is available to the player in that situation.
I guess where it truly would get interesting is if the disc is suspended at 1.9 meters above the hazard area. In such a case, no relief would be allowed since the two meter penalty wouldn't be in play...the player would only be taking a hazard penalty and would have to play from the resulting lie whether they like it or not.