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The phrase 'two-edged sword' is correct and can be used in written English.
You can use this phrase to refer to a situation that has both unfavorable and favorable consequences. For example, "Having a college degree can be a two-edged sword; it's a great accomplishment, but also comes with a large amount of debt."
Dictionary
two-edged sword
noun
A double-edged sword; a benefit that is also a liability.
Exact(60)
It's a two-edged sword, playing Fife.
"It's a two-edged sword," he said.
It became a literary two-edged sword.
Need-sensitive admission is a two-edged sword.
The gulf has been a two-edged sword for BP.
But a minimum wage could be a two-edged sword.
Even successful counter-terrorism can be a two-edged sword.
Using foreign law, however, is a two-edged sword.
Yet animal conservation is a two-edged sword.
For Japan, nuclear plants have been a two-edged sword.
But this is a two-edged sword for workers.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com