How two carriers could reshape the Bismarck hunt

Would carrier support have helped Admiral Holland avoid losing contact with Bismarck before the main engagement?

Yes; two carrier-backed hunting groups could have maintained reconnaissance and made Bismarck's escape and engagement choices far more difficult.

One carrier could support Hood and Prince of Wales while another operated with King George V and Duke of York. This structure would create two balanced hunting groups instead of concentrating the available air support in one place. Carrier reconnaissance and strike aircraft would change the engagement geometry before the battleships made contact. Bismarck and Prinz Eugen would consequently face a much harder problem of evasion, concentration, and choosing when to fight.