"Will this one work" - Yes, it will work. It states single phase input and three phase output. However, it is for a max size 1HP motor. It won't run your 2HP motor.
"Still trying to understand why this vfd won’t work. Need to understand that to know what to look for in another one". - Yes you do. read on.
Ok, here is a basic explanation of how a VFD works:
A VFD is a Variable Frequency Device.
The VFD takes an input power and converts it to a variable frequency output. The input can be single-phase or three-phase. The device is input-output specific, and must be matched to the input and output voltage and phase of the supply line and the motor/device being controlled.
The output power is usually the same power level as the input voltage, but the output frequency can be varied from 1% of the input frequency to 400% of the input frequency. The output is three-phase.
You live in the USA where your frequency is 60 hertz. Your home power voltage is (nominal*) 115VAC and 230VAC. The home power is single-phase.
The VFD you have is 400V three-phase input and 400V three-phase variable frequency output. It will not run on 230VAC single phase.
You need a 230V single phase input and 230 three-phase output VFD. Some VFDs will run on 115VAC or 230VAC input. You have to make internal jumper changes to switch. If using a VFD on 115VAC the output maximum horsepower motor that it will run is reduced. AS 2HP motor will deliver around 1.5HP on a 115VAC input VFD. This is why you really want to run your VFD on 230VAC
For our knifemaking grinders, the gold standard VFD is the KBAC-27. It is 115/230VAC single phase input and 230VAC three phase output It is in a NEMA4 enclosure that keeps dust and moisture out. In a grinding shop, those are the main VFD killers. Cheaper VFDs often have open ventilation, no heat sink, that allow dust and moisture in, and less filtering then the KBAC unites. We set the parameters to 1-200% of the input frequency, which makes the grinder run from dead slow to twice as fast as the motor speed rating.
*footnote:
People use various numbers for their powerline voltage, Most are just the common terms used locally and not the exact voltage. 110/115/120 are all used synonymously to denote the standard US home voltage. 220/230/240 are all used to denote the upper voltage. Electrical devices will all operable within the range listed. If a device says 230V it runs on any voltage in the 220-240 range.