Both halves have the same frequency and amplitude but their values are opposite with respect to time. So some argue there are two phases in 240/120V system. But functionally it is a single phase system because, for example, it can not run a two phase motor by itself. So I dialectically combined the two concepts into one in my last post to resolve the issue for both parties here.It only resembles an offset in time; it's an opposition in instantaneous polarity.
If you were to change the frequency but maintain what you perceive as the "timing offset" between the two waves, the opposing peaks would no longer occur at the same time.