"If one cut's the terminal and now it's the 2 side buds , does this mean more flower blooms ?"

You'll need to specify what species Hydrangea you are talking about.

Doubt it. I think all you'll be doing is removing terminal buds. Flowers form on the ends of branches and It seems where the branches will be is set before spring growth.

Mac - in this case let's dance. The test is not on the reblooming....

I've had winter damage in past years and winter damaged/dieback, pruned down to the live bud (me thinking the same - it would be a leafy flowerless summer), but it has produced blooms on those stems.

I had very bad freeze damage on my variegated hydrangea that leafed out really early this year. I have been watching it for signs of recovery and have found that there are tiny buds forming up and down the branches. Where the original leaves were there is no signs of new life but I think there will be enough leaves from these new buds. After they open should I trim the branch back to the leafy area?

Yes, I would prune down to the next live bud. Maybe give it a week or 2....sometimes I've seen buds lower develop but there are buds on top the end up breaking as well. Ha, you jinxed it. Tomorrow we're getting a cold snap - going down to low's 20's.