We obtain exact dynamics of a two-qubit central spin model (CSM) consisting of two interacting qubits homogeneously coupled to a spin bath via the $XXZ$-type coupling, with the bath initially prepared in linear superpositions of the symmetric Dicke states. Using the interaction picture Hamiltonian with respect to the non-spin-flipping part of the model, we derive a sequence of equations of motion within each magnetization sector satisfied by the probability amplitudes of the time-evolved state. These equations of motion admit analytical solutions for the single-qubit CSM in which one of the two central qubits decouples from the rest of the system. Based on this, we provide a quantitative interpretation to the observed collapse-revival phenomena in the single-qubit Rabi oscillations when the bath is prepared in the spin coherent state. We then study the disentanglement and coherence dynamics of two initially entangled noninteracting qubits when the two qubits interact with individual baths or with a common bath. For individual baths the coherent dynamics is found to positively correlated to the single-qubit purity dynamics, and entanglement sudden disappearance and revivals are observed in both cases. The entanglement creation of two initially separable qubits coupled to a common bath is also studied and collapse and revival behaviors in the entanglement dynamics are observed. Choosing the equally weighted state and the $W$-class states as the bath initial states, we finally study the dynamics of entanglement between two individual bath spins and demonstrate the entanglement sharing mechanism in such a system.