I have used a bi-metal hole saw to do this. Works fine. Forstner bits are great if you need a flat bottom recess, but they are more expensive and not needed for what you want. Do not drill completely through with a hole saw from one side, though, you will have a lot of edge breakout. Instead, when the pilot bit pokes through the back side, go to the back side and drill back towards where you started.

Any recommended/specific 2” bi metal hole saws?

can I use my 12v drill (I believe has chuck 3/8”)? Or do all 2“ bi metal hole saws require a larger chuck bit size?

I use a hole saw on my cordless drill all the time. I buy the Milwaukee "Hole Dozer" at Home Depot. A 2" hand-held forstner bit is very difficult to control.

Seabornman - What maximum size chuck bit does your cordless drill have? What size drill bit does your Milwaukee Hole Dozer require? 3/8''? 1/2''?

The Milwaukee mandrel is 3/8".

formulaross20 - is the separate mandrel required to mount any hole saw to a drill? I'd never seen/heard these (thank you!)

Any tips on using the hole saw for this project?

I recommend a 2” arbor hole saw. About $20.

I think you want to cut a hole in a board and will install grommets. You have a drill that will “push” a hole saw, but do you have the ability to drill the hole.

You can buy the hole saw with a mandrel or without. The mandrel is a separate part do you can use with different diameter saws.