The story of Ip Man 2 had a basis in real events and the figure of Ip Man, but it was also embellished and adapted for the screen. So, it's a mix of reality and creative interpretation.
Yes, the story of Ip Man is based on a real person. But some details in the movies or other fictional accounts might be exaggerated or fictionalized for entertainment purposes.
Partly. The movie takes cues from real-life martial arts master Ip Man's experiences, but it also incorporates fictionalized plotlines and dramatizations to make it more engaging for the audience.