Yes, the game supports split screen local co-op on consoles and even on PC.
You can play through the first 2/3rds of the game in split screen with no trouble. However, in my experience it gets unstable in act 3 on Xbox Series X (probably also on PS5). Presumably it is something to do with the limited memory on consoles, so if your PC has great specs it should work there.
They are planning an update due next month which is supposed to address the crashing, but it remains to be seen.
I think currently the best experience on consoles is to have two copies of the game on separate consoles.
The patch 7 update also will supposedly add cross platform multiplayer, so you could have one player on console and one on PC, since you probably don't have two Xboxes, but again, it remains to be seen
The title for the sequel could be some kind of pun on how the film is faster and/or more furious than what would be reasonable under normal circumstances