Website administrator

Is there a way to have two people assigned as website administrator?
Therefore two people would have access to edit and update the clubs Free ToastHost website?

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There's no way to assign two site admins.

FTH recommends using the Access Settings to grant admin functions to various officers.

support.toastmastersclubs.org/doc/item/access-settings

Two people can share the admin password. In fact it's a good idea to share the password with a back-up in case the admin becomes unavailable.

Only one website administrator is provided to avoid the chances of data conflicts and loss of data on your website.
It is not good practice to share passwords.  If the administrator leaves, they can hand over the admin rights for the new admin to change the password, otherwise if they are not no longer available, the admin access can be claimed by another authorized member.
The preferred option is to grant access to the modules to the members.  See the documentation link provided by rhtaylor3