So... is Canvas 2: Nijiiro no Sketch finished or not?
NO, it is not finished.
Why?
The anime finished before the manga:
Anime finished: March 26, 2006
Manga finished: September 01, 2006
MangaUpdates contains information about the anime adaptation and indicates that it is incomplete.
Watching Order (by release date)
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Synopsis
Canvas 2: Nijiiro no Sketch centers around Hiroki, an art student aiming to teach at Nadesico Academy, a unique high school and college combined. He mentors the high school art club, where his cousin Elis, also a painter, is a member.
Though both are artists, Hiroki no longer paints, hinting at a shared past trauma that has impacted them both. The arrival of a new PE teacher, Kiri, adds another layer to the story.
Kiri recognizes Hiroki as someone from her past, a boy she confessed to and was rejected by. The anime appears to explore the relationships between these characters, delving into their pasts and how they navigate their present circumstances at the academy.