Yes, you can easily do too much and sacrifice LBM for the goal. Typically that kind of program results in a 50/50 or worse loss of BF with LBM....skinfolds along the way here tell the story.
Ordinarily in a cut, you want to start with nutrition, then tweak your nutriton, then do as little cardio as late as possible...starting slowly...thern adding sessions.
Two-a-days, will deplete you, knock the hell out of your immune system, make training with maximal loads more difficult, all which can compromise LBM...the only reason for 2-a-days is if you are out of time for the stage or a shoot or have to!
That said, there is some evidence that multiple bouts of cardio in the same day, work better than one session alone

I'd make the resistance training session MORE INTENSE, and reduce cardio!
I'm training a Kickboxing aerobics instructor right now.....I can't even believe she is cardiovascularly trained....our sets leave her panting...

(Far more benefit to the anaerobic bursts we do on O2 uptake, VO2 max, Metabolic rate, etc than what she does!)