For those who don't already know, the umbrella has a health pool, and a very large one at that. In the clip attached, you can see my umbrella soaking up all the missiles from the infinite ammo of the MLx2, and slightly changing in coloration after the volley is over, indicating that the umbrella was close to breaking.
I'm fairly certain that with the right pilot (drillbit because of artillery dmg 4% and press the attack maybe?), upgraded MLx2s and upgraded infinite ammo has the potential to break an umbrella, but more testing needs to be done in game.
Additionally, if one player using MLx2 infinite ammo can almost break the umbrella, it's safe to assume that two players synchronizing with each other can most definitely fully break an umbrella if they each fire their volley at the same time.
Which is something unseen before, because I have never experienced an umbrella actually break before its duration expires. In almost 99.999% of cases, the umbrella expires before it actually breaks.
To counter MLx2 infinite ammo, the umbrella can block one full volley from one player, assuming you are far enough away from the enemy using this.
The only time this will not work is if the enemy is 'brawling' with MLx2s, essentially getting in your face so that the missiles shoot horizontally instead of vertically.
If any future changes are made to the fire rate of the weapon, or if a delay is added between each volley of the MLx2 even during infinite ammo, this will be less of a problem and the umbrella will be more effective against this tactic.
Courtesy of rnnad, the umbrella master