Just to confuse things, elsewhere in the world they would call it “two phase” because you are using two-out-of-three phases (plus neutral).
The problem with calling it that here in North America is that we already have a system that truly is “two phase” power, still in use in some isolated pockets like the older parts of Philadelphia and around Niagara Falls. So it would be more confusing for us to use that term for two very different systems.
But there is nothing wrong with calling it single phase, because that’s what it is. If you have three phase, you have current that can flow from A to B, B to C or C to A. If you only have current flowing from A to B, you have current flow in only a
single phase. The phase to neutral is not a consideration regarding what we
call it, that just changes the voltage level.
As to the neutral current, you will not see an imbalance in your single phase panel, because the neutral current from A to N and B to N will will not be additive
in that panel. But back at the three phase service point where this is coming from, there likely WILL be an imbalance from all of the single phase panels not being the same current and current flowing on the neutral back to the transformer.
This does a decent job of explaining the neutral current flow.