A 2-hybrid is a good replacement for a 2-iron or 5-wood depending on which club is in the bag and what situations you want to use it in.
A 2-iron is an extremely difficult club to hit so using a 2-wood can make shots a lot more forgiving. It is easy to hit a 2-iron thin or fat, as well as slice or hook it both on the tee and off the deck.
A 2-wood has a more forgiving center of gravity and thanks to its wood-like head, allows mishits to come off better than a long iron would.
Using this club to replace a 5 fairway wood is also a good option. Both have similar lofts between 17-19 degrees.
A 5-wood will usually have a lower trajectory when hit and a much higher rollout making it harder to control when landing on a green.
Using a 2-hybrid is more logical when trying to hit out of a fairway bunker or clear water. The 2-hybrid will also have more spin and be more controllable when hitting onto a narrow or small green.