Periodically, when using the right mouse click on the transition and the appropriate menu, mine does not function correctly either and does not shift the other track contents. Usually if you undo and reapply it shift all tracks then. I've not found a repeatable set of events to report the anomaly. Often after it works, repeating the same steps that didn't work now work correctly so hard to replicate.
The adjustment is not necessarily 2 sec per transition though. Being overlap, the clips overlap the amount of the default transition setting in pref. The duration of no clip is reduced, they are simply overlapped so the total timeline duration is reduced, but no clip duration is reduced.
Jeff