Organic-cation engineering has recently proven effective in flexibly regulating two-dimensional hybrid organic–inorganic perovskites (2D HOIPs) to achieve a diversity of newly emerging applications. There have been many mechanistic studies based on the structural tunability of organic cations; nevertheless, those with an emphasis on the effect solely caused by the organic cations remain lacking. To this end, here we deliberately design a set of 2D HOIPs in which the inorganic layers are kept nearly intact upon cation modification, i.e., the precursor phenethylammonium lead iodide and its four derivatives with the phenyl group’s para-position H being replaced by CH3, F, Cl, and Br. By means of femtosecond time-resolved transient absorption spectroscopy and temperature-dependent/time-resolved photoluminescence spectroscopy, we interrogate the subtle impact of cation modification on phonon dynamics, coherent phonon modes, phonon-dressed exciton dynamics, and excitonic emissions. A concerted trend for phonon lifetimes and exciton relaxation lifetimes regulated by cation modification is revealed, evidencing the existence of strong exciton–phonon coupling in this 2D HOIP system. The observed mass effect can be ascribed to the change in moment of inertia of organic cations. In addition, we observe an interesting interplay of exciton kinetics pertinent to population transfers between two emissive states, likely linked to the subtle variation in crystal symmetry induced by cation modification. The mechanistic insights gained from this work would be of value for the 2D HOIPs-based applications.