The first and second beast are symbolically used to represent two individuals who are destined to wield enormous powers. True or false?

If we revisit the Book of Daniel, it gives us a tip on what  prophetic "beasts" represent. There, we learn that they symbolize "kings," or political powers. - Daniel 7:1-8 11-12, 17.

Yes, God views the political powers of the earth as beasts. The Interpretation of St. John’s Revelation, by R. C. H. Lenski, states on pages 390-1: "“We accept all the connotations that θηρίον [the·riʹon, the Greek word for “beast”] conveys, such as that of a cruel, destructive, frightful, ravenous, etc., monster.” In other words, Satan´s political system is neither docile nor considerate but bloody, brutal, and aggressive. Interestingly, some nations use some wild animals as their symbols: dragon, bear, eagle, lion etc.

The first beast John sees have "seven heads." Of course, they don´t represent every  single world political power which ever existed. Rather, they symbolize six major world powers that had major dealings with God´s people up to John’s day​: Egypt, Assyria, Babylon, Medo-Persia, Greece, and Rome. A seventh world power would appear later.​- Compare Revelation 17:9, 10.

The political arena of human governments is ever "shaking" due to protests, revolts, wars, conflicts of every kind, oppression, impeachments, invasions, terrorist attacks, revolutions, coups, what is happening in Myanmar right now, for example, and so on.

Very fittingly, this first beast emerges from "the turbulent, restless masses of "THE SEA OF MANKIND."  - See Isaiah 17:12, 13; 57:20-21. (Coincidentally, that reminds me of "Perfect Storm" which I rewatched one more time last night)

 It made its first moves, early in history, back in the days of Nimrod (about the 21st century B.C.E.), when a post-Flood system of things, opposed to Jehovah, first manifested itself. (Genesis 10:8-12; 11:1-9) On the other hand, its seventh head became more and more active in the world´s scene during the Lord´s Day, which began in 1914. It´s always good to remember that "it is the dragon that “gave to the beast its power and its throne and great authority.” (Compare Luke 4:6.) The beast is Satan’s political creation among the masses of mankind. Satan is truly “the ruler of this world.”​ - John 12:31."

The seventh head of the wild beast slowly imposed its influence over mankind through its "first horn,' the British Empire. However, it only became "fully assembled" when the United States, its "second horn," joined Britain as a partner in World War I.

They came out as winners and The Anglo-American World Power was born.

Therefore, that two-horned wild beast is the seventh head of the Bible´s prophecy. " It makes the earth and those who dwell in it worship the first wild beast, whose death-stroke got healed. And it performs great signs, so that it should even make fire come down out of heaven to the earth in the sight of mankind.” (Revelation 13:11-13) Different from "the wild beast," the two-horned beast doesn´t emerge from "the sea". Instead, as a newcomer, it comes out of "the earth." In other words, it "joins the wagon" of Satan’s already established earthly system of things.

Daniel tells us that the beast from the sea of Revelation is a kingdom of man. Ancient Western  Rome. The second beast from the earth, aka false prophet, was the Eastern Roman Empire. 

This is why stupidity should be painful.