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Exactly. When time freezes, if you press A during that time period with your own time freezing chip, you'll see the exclamation point. One chip activates, then the other does.
I forget if that doesn't happen if one of you loses all their HP first; it's been a long time. I can swear I've had a few happen, but I'd have to pull my cartridges out of storage. And that wouldn't really jar my memory as to how they occurred. Things such as poison, based on DPS, are difficult. Two attacks hitting at the same time are possible, but difficult since they'd have to be more of the set and forget style.
My vision would turn your world upside down and send the sanctuary of your own ignorance crashing down around you