No it won't pass through to TV2. There are two things you could do, run a second line to that room for your CATV/OTA then into a A-B Switch, or split the signal behind your receiver, then run one into the receiver, the second run into the OUT port on another splitter, then run the TV2 into the other OUT port of that splitter, then plug your line to the TV2 location on the IN port, that will combine the signals. Then you could watch both.
Edit: I just noticed you said a 301 rec. That isn't a dual tuner receiver and wouldn't have a TV2 output on it. Maybe the wrong box model #?