Yeah it could work in a 4-4-2 if you're more of a long ball side, but definitely not in a 4-2-3-1. You want one of those CM's to be a ball-winner and the other to be a distributor: so either CM or deep lying playmaker. You don't want the guy roaming too far upfield, that's the job of the wide midfielders and AM.
A Box-To-Box Miedfielder near a Ball Winning Miedfielder is always my choice. If you have 2 of these miedfieders, who can complete one each other, then you got yourself a bulletproof miedfield.
If you play an attacking 4-2-3-1, it could be considered wise, although, if it's defensive or a counter attacking tactic, then you should play a creator-destroyer central midfield.