He has already studied history for two hours.
Is the above sentence acceptable?
It could be - depending on the context.
How do you want to use this sentence?
Rover
In this particular example, "He has already been studying (history) for two hours" appears more natural to me.
I cannot think of a context for 'study', 'already, 'history' in which the non-progressive form is natural for such a short period as two hours. That is not to say that it's not possible.