We present electron and phonon spectral functions calculated from determinant quantum Monte Carlo simulations of the half-filled two-dimensional Hubbard-Holstein model on a square lattice. By tuning the relative electron-electron ($e$-$e$) and electron-phonon ($e$-$ph$) interaction strengths, we show the electron spectral function evolving between antiferromagnetic insulating, metallic, and charge density wave insulating phases. The phonon spectra concurrently gain a strong momentum dependence and soften in energy upon approaching the charge density wave phase. In particular, we study how the $e$-$e$ and $e$-$ph$ interactions renormalize the spectra, and analyze how the interplay of these interactions influence the spectral renormalizations. We find that the presence of both interactions suppresses the amount of renormalization at low energy, thus allowing the emergence of a metallic phase. These findings demonstrate the importance of considering the influence of multiple interactions in spectroscopically determining any one interaction strength in strongly correlated materials. ; Comment: 12 pages, 9 figures