It's light level dependent.
In a brightly lit area or daylight, the phone will use the telephoto lens when zoom is set to 2x.
In dimmer areas and often indoors, the phone will not use the 2x lens but will instead use a digital 2x zoom from the upper lens.
This is easily seen by, as you discovered, holding your finger over the bottom lens; below a certain light level you will see a 2x version of the view seen from the upper lens; above that level you will see nothing as your finger is blocking the lens.
if that is not the behavior you see - if you never see the picture at 2x blocked by your finger over the lower lens - make an appointment with the Genius Bar at your local Apple Store as your phone is not operating properly.
Genius Bar Reservation and Apple Support Options - Apple
i have long begged for some type of indicator to denote whether 2x is optical or digital, but to date Apple has declined to implement that feature.