Abstract: We present a measurement of the branching fraction and fraction of longitudinal polarization of B<sup>0</sup>→ρ<sup>+</sup>ρ<sup>− decays, which have two π<sup>0's in the final state. We also measure time-dependent {\it CP} violation parameters for decays into longitudinally polarized ρ<sup>+</sup>ρ<sup>− pairs. This analysis is based on a data sample containing (387±6)×10<sup>6 Υ(4S) mesons collected with the Belle~II detector at the SuperKEKB asymmetric-energy e<sup>+e<sup>− collider in 2019-2022. We obtain B(B<sup>0→ρ<sup>+ρ<sup>−)</sup></sup></sup>=(2.89<sup>+0.23−0.22</sup><sup>+0.29−0.27)</sup>×10<sup>−5,</sup>fL=0.921<sup>+0.024−0.025</sup><sup>+0.017−0.015, \mbox{S=−0.26±0.19±0.08}, and C=−0.02±0.12<sup>+0.06−0.05, where the first uncertainties are statistical and the second are systematic. We use these results to perform an isospin analysis to constrain the CKM angle ϕ2 and obtain two solutions; the result consistent with other Standard Model constraints is ϕ2=(92.6<sup>+4.5−4.7)<sup>∘.