2fa means BOTH factors are needed. the situation you are discussing here is not password and email but password or email. either one would work.
i have seen services that send a token to your email every time you log in or when you log in on a new device or when you haven't logged in in a long time. that would indeed be a form of 2FA. but these services also allow you to reset the password through email, so it's not exactly 2FA all the time like most other 2FA setups.
No, you're resetting an unknown password, bypassing one of those factors.