Hi Michael. In summary yes.
You can turn on DRS (if you have that feature available with your license) and it will balance the virtual machines across your two hosts automatically. You can configure HA availability constraints to ensure that there are always enough minimum resources to cater for the failure of one of the hosts.
Have a read of the Introduction to VMware Infrastructure document. The section VMware Infrastructure Distributed Services starting on page 17 has some good info. Other documents have more info in much greater details.
If you need any more details just post the questions here and people will assist with answers or pointers in the right direction.
Rodos
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