Do manuscripts sent for submission in Word format need to be already in two column or a specific font? I am reading the guidelines for authors on a research journal which is part of Wiley. In the guidelines for authors it is only mentioned it should be submitted in Word format but nothing about font, font size, and if it should be already in two-column format.

Also it says figures should go at the end of the Word file, but I want to insert two figures in the same page to avoid paying twice the color page charge.

How is this supposed to be done?
The review formatting and the final, camera-ready formatting are often quite different. You will probably get a chance to reformat it for publication after it is reviewed. If you have any doubt about that, you should contact the editor.