I guess YMMV. It seems that officially it’s not recommended at two – they’ve actually listed the reprint as “3-5 players” (on purpose), so the designer clearly feels it’s much better with at least 3. It’s certainly a game which feels different at different player counts – on the rarer occasions when I get to play it with more people, I often don’t do very well : )
I still like it as a two-player game, though, so that “3-5” change kinda surprised me. Maybe what they say is true; but the revised 2p rules are a definite improvement on the original 2p rules. (The new rules were introduced with the Britannia expansion, but they work for all variants of the game, and you can find them on BGG.)
However, a big reason I play it so frequently at this player count is that my other half actually likes the game, and is willing to play it (and, sadly, there aren’t a ton of games about which I can say that – not even the expansions for H.T.!). So, were it all up to me, I would report on a much wider variety of 2p games; but in practice if I’m able to convince them to play a game, we’re often going to be playing Hansa Teutonica.
I’m pretty sure I’d still want it in the rotation, though, even if I did get to play other things more often!