I wouldn't imagine the 2WD would be very capable, but I believe it would be more capable than your average 2WD truck or RWD car, just because the extra weight in the rear of the vehicle over the drive wheels.
I had both a 4x4 Ranger, and a 4x4 Explorer, same gears, both open diffs, same vehicle basically, clear down to the frame, but the Explorer was better in 2WD than the Ranger, because of the extra weight back there.
On the other hand, I had a different Ranger back in the day, with trac-loc, and in 2WD, it was much better than either of the other two....