No, no… Not “2-way” like back-and-forth, but “2-way” in that there is a woofer (the larger 4” driver - that speaker cone thing) that handles the low frequencies, and a tweeter, the smaller driver, that handles the higher frequencies.

The crossover is the circuit that takes the signal coming in from the amplifier and splits it into that for the woofer and that for the tweeter. In these speakers, it’s a passive crossover - the electrical properties of the resistors, capacitors, and inductors and the design of the circuit are what make it work. Crossover design is a blend of art and science, and goes a long way to determining the ultimate sound of the speaker.

There’s an aspect of “these are the components I need to create a crossover at this frequency - let me look that up”, but choosing the right frequency, and the slope of the crossover (how much overlap there is between the lows and highs) isn’t as easy. You can imagine that getting 3-way or 4-way speakers right can be even more complicated.

These days, doing the same thing digitally is also an option, so that you’re not dealing with soldering components together, a digital processor splits the signal much more precisely to send it then to separate amplifiers, but it’s still a matter of choosing the correct frequency and slope.