Yes, the 2 lb. gloves are a total of 2 lbs, meaning there is 1 lb. in each hand.
The 4 lb. gloves are a total of 4, with 2 lbs. in each hand.
Personally, I would change the title, as I think most people hear "2 lb. gloves" and naturally think each glove is 2 lbs (that's how I refer to them)...