I think you should split your flow into two flows.
1) Should run when a new item is created.
2) Should run when an item is modified.
The first one can run and send the email to two approves
The second one should run when the approves change a column value
Its also possible to do it in a single flow that basically will use a do until condition and you can keep checking the status of the column every few hours. until the column value has been updated example below as i am checking a user choice column to see if the value is true.

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Thanks,
Rahber