If you are anything but a young male then, unless you can already do it, a sub 20 minute 5k is not trivial.
“I can do it. It’s easy. When I couldn’t do it; it wasn’t.”
How annoying was that last statement! Sorry. But hopefully you take the point I am trying to make.
Chances are that if you are not a young male then you are not pretty aerobically fit (of course some/many of you WILL be but MOST of you won’t be). So you are coming to do a non-trivial thing from a sub-optimal starting position. Problem number 1.
So compound that with only wanting to do 2 hours training a week and you are giving yourself a relatively hard goal to achieve with significant constraints on your training. Problem number 2.
6 hours a week would be a better amount of time to commit. And if you organise and plan those 6 hours well then sure enough most of you will achieve your sub 20 goal. This site has plenty of free plans and if you want I can coach you towards that goal.
Anyway. To answer the question; “yes!” it is possible. I know people who have done it. If you are better than them then you can do it on 2 hours a week as well. To gauge how difficult it will be for you then read this.