I don’t see why not. It sounds like you have a taxonomy which has terms created, and you need to feed those terms into the select2 field input.
I would recommend reading up on https://developer.www.ads-software.com/reference/functions/get_terms/ to get started. You can some or all terms associated with a given taxonomy, and it’ll return an array of WP_Term objects.
You could then loop through those results and construct an array to pass to select 2.
Example possible:
$select2_terms = array(
'term_slug' => 'Pretty term name',
'other_term_slug' => 'Another pretty term name'
);
All of which would come from the WP_Term objects. You would need to read up on the Select2 documentation to make sure you’re returning data in a way they expect, to help make sure it works.
All in all, it should be wholly possible, just a matter of getting your data ready.