Am I right that in theory one can construct a 2 interfaces Ethernet network with a netmask of 255.255.255.254?
No.
Are there reasons to skip such an Ethernet network and keep the
smallest network with a minimum of 4 hosts and a netmask of 255.255.255.252?
You need a network address and a broadcast address for each network, so the minimal sized network is 4 IPs.
Gilad.
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