What option allows you to export two compositions at the same time?

Using Adobe Media Encoder (AME) is indeed the appropriate option for exporting two compositions simultaneously. AME is designed to handle multiple files and compositions more efficiently than the other methods available in After Effects. When a user sends compositions to AME, they can queue up various projects for export, allowing them to manage different render settings and formats simultaneously without needing to wait for each one to finish in sequence.

This functionality is particularly beneficial for projects that require multiple outputs, such as different formats for various platforms or resolutions. The ability to manage and organize exports through AME provides flexibility and enhances workflow efficiency.

In contrast, the Render Queue is limited to processing one composition at a time; while it is a fundamental tool for exporting in After Effects, it does not support the simultaneous export of multiple compositions. Export Mode and Composition Assistant do not exist as recognizable features in After Effects, as the actual capabilities are found in AME and the Render Queue.