Well, saying there is one or two time constants when they seem to be equal is somewhat of a pointless debate. The important thing is that the system becomes first order and there in only one degree of freedom from a dynamic point of view.
What about the case of two caps in series or two caps in parallel (or two inductors arranged as such)? Is there two time constants or one? Both cases become first order, and just because there are two elements does not mean the dynamics is second order and that there are two equal time constants.
But this is somewhat of a strange case, so I can live with someone saying there are two equal time constants. I just dont' think it means much.
It means that there are two storage elements could have different energy storage values. What does the TC of a system mean, anyway. The TC refers to the storage component, not the system. Yes, series/parallel resistors/caps can be combined if the resistors have the same currents and the caps are supplied with the same voltage. But, that is not the case in this circuit.
Ratch