Both releases feature only a dubbed version of the film. There is an Italian DVD as well but it too only features the Italian dub. You're better off hunting down the fan restoration of the European version that floated around online, not sure how easy that is to come by today though. You're not going to find a commercial release with the original English audio intact.
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Not commercially, no. The fan restoration is it really, pieced together from various sources (mainly the Italian DVD for the video and, I believe, a bootleg VHS for audio)
Basically, the status quo remains as far as the European Theatrical cut is concerned.
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Who knows, it may pop up again some day. The guys who did these said they want to revisit Highlander 2 sometime in the future. If so, then the restored European cut along with the two fan edits may surface again along with some more. When that will happen is anyone's guess.
Maybe in 2024...?
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Over here the theatrical cut of Endgame is the only version commercially available (or was, I should say, since the Endgame DVD went OOP a while back). Funny how a few countries manage to get some of those alternate cuts readily available. The theatrical cuts should at least get some acknowledgement even if they were considered inferior by the director or producers.
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