You are basically correct
There are two things you can do with sorcery points at level 2.
First, as you noted, you can take your 2 given points and make a level 1 spell slot, totaling 4 for the day.
Second, you can turn your level 1 spell slots into 1 sorcery point each. This seems to be pointless, as the only thing you could do from there is to turn another one into a point, then convert them back to level 1 slots for a total loss of one spell. Unfortunately, the wording
You can never have more sorcery points than shown on the table for your level.
prevents you from creating a higher level slot than you have at this level (though the math does work out for levels 6, 7, and 8). Overall, I don't see a point to this, but it may be open to cheese somehow.
There's another potential bonus here. As a Wild Magic sorcerer, it's possible for a Surge to roll 99-00 and grant you your expended points back. With extraordinary luck, this could mean multiple additional slots in a day.