Can a team have at most two European teams in the World Cup?

At present, yes, because the same continent cannot be in the same group, and because there are many European teams, it is inevitable that there will be two European teams in a group.

However, in the194 World Cup, there were three European cups in the same group, and three European teams from Italy, Norway and Ireland were in the same group as Mexico. Because there were 24 teams participating in that World Cup, including 13 European teams, this is inevitable.