I have seen different definitions of the number $2$ in set theory. The simplest I have seen is the sequence $\mathbf{1}=\{\emptyset\}$, $\mathbf{2}=\{\emptyset, \{\emptyset\}\}$, $\mathbf{3}=\{\emptyset, \{\emptyset\},\{\emptyset, \{\emptyset\}\}\}$ and so on.
But I have also read Russell's definition in Principia Mathematica which defines "twoness" as something along the lines of "The set of all sets such that there exist elements $x$ and $y$ beloning to the set where $x$ is not $y$ and if also $z$ belongs to the set then $z=x$ or $z=y$." i.e. the set of all sets with two unique elements.
So in modern set notation I would try to express this as:
$$\mathbf{2}= \{S: \exists xy:(x\subset S \land y\subset S \land x \neq y \land \forall z:(z\subset S \implies z=x \lor z=y)) \}$$
(Not sure if I have that quite right). Now, the second definition seems more intuitive albeit more complicated. Whereas the first definition seems to be like a code with no logical meaning. I can see why a statement like $\mathbf{1+1=2}$ would take a few pages to prove in the later case.
So which is the "correct" definition of 2?
The first definition is a good practical example of a set that has two elements. See it as the "standard" example of what a set with two elements looks like, a representative of the concept of $2$.
The second class you describe is the collection of all things that have two elements, so it completely describes the concept of having the quantity $2$. The problem is that the second class is not a set: it has too many elements, and is therefore a proper class. This makes doing mathematics with it a little troublesome.
What the second class describes, is the concept of cardinality: it describes all the sets that have cardinality $2$. Another way to define this class, would be to take all the sets that have a bijective function to the representative set $\{\varnothing,\{\varnothing\}\}$.