I would be very cautious of the fumes generated by burning foam.
You probably can't undo the damage that those fumes can cause, even in small amounts of exposure.
I read the MSDS (material safety data sheet) for everything I use, including sand, and I take the necessary precautions with commerical respirators and even powered respirators with a remote air source.
The industrial lost foam process uses expanded polystyrene beads (expanded with steam/heat), with a permeable outer coating that allows the gasses generated by the melting foam to pass out of the mold cavity.
I have seen a lot of recent success with the pink lost foam method used in hobby applications, and it can't be discounted, even though it is not a true expanded bead application such as used in industry.
I can't answer the question asked, ie: "Is the two part foam suitable for lost foam casting applications?".
The expanding foam thing is much like the expanding plystyrene beads application, as far as foam expanding to fill a mold.
It seems like some backyard guys can get just about anything to work in any situation, but again, I always say "Show me sections of the casting, and put it under stress, to see if it has cold joints that will fail".
Just because someone can make something work, does not necessarily mean it is the most efficient, safe, or cost effective method for others.
For non-structural, non-airtight castings, pretty much anything goes with lost foam.
Below is a commercial application of the lost foam process, to make tractor castings/parts.
For rapid prototyping, the printed resin-sand mold method is very cost effective, since there is no mold required to expand foam into, and changes can be in the 3D program, and then castings made rapidly after that with a printed sand mold.
Once the prototype design concept is proven, then permanent molds can be made for expanding the beads into.