There have been brief periods in time when there were more than two significant parties in the US. Just after the constitution was written is one — it didn’t take long for parties to be established. Another example was the time period around when the Whig party disintegrated and the Republican party was established. There was the moment in that fallout in 1856 when the Know Nothing party got a few electoral votes, on a platform that is a direct ideological ancestor of Trumpism.
My understanding is that the presidential system also tends to favor two-party politics. The Federalists and Democratic-Republicans formed from pro- and anti-administration factions during Washington's presidency, while the Democrats and Whigs formed in support and opposition to Jackson.
I think the questions is, would switching away from first-past-the-post system to something that fruits more parties help in decreasing polarization?
Do you mean this in the US context specifically or in general? There are plenty of countries with more than two parties and very stable governments.