In this paper, we uncover the elusive level crossings in a subspace of the asymmetric two-photon quantum Rabi model (tpQRM) when the bias parameter of qubit is an even multiple of the renormalized cavity frequency. Due to the absence of any explicit symmetry in the subspace, this double degeneracy implies the existence of the hidden symmetry. The non-degenerate exceptional points are also given completely. It is found that the number of the doubly degenerate crossing points in the asymmetric tpQRM is comparable to that in asymmetric one-photon QRM in terms of the same order of the constrained conditions. The bias parameter required for occurrence of level crossings in the asymmetric tpQRM is characteristically different from that at a multiple of the cavity frequency in the asymmetric one-photon QRM, suggesting the different hidden symmetries in the two asymmetric QRMs.