I suppose a logical step is to ask how we perceive and measure time. I would argue that it comes down to movement. If nothing moves, then there is no way to measure if time is passing. I'm talking in an overall scale, not that stationary objects are not subject to time! Every clock, that I'm aware of, uses movement to measure time - whether it's a pendulum or radioactive decay, something has to move to allow time to be perceived.
Unrelated to previous statement:
For past, present & future to still make sense, the timeline of reality would have to travel at 45° between the two. Individuals could be able to veer off of the timeline to the point where they are traveling in line with one of the axes, but never past parallel. This means that, if an individual were to travel perpendicular to one dimension of time, they would not be traveling on the other. To return to normal time, they would have to travel back perpendicular to the other dimension of time. This means that their timeline will have been longer than that of those on the regular timeline. In theory, having 2 dimensions of time could simply allow the ability to slow down time without having to move at relativistic speeds. It depends if reality is traveling through both dimensions of time, or just one. Also, the idea of linear dimensions is only useful as a model, and are represented as 3 directions in which the other 2 count for nothing. This would have to be true of a second dimension for time, or there would be no need to describe it as a second dimension. As time isn't a physical thing to visualise, it is very difficult to work out what the implications of a second (or more) dimension of it would be.
Thinking of 2 entities, each traveling through the 2 dimensions of time, they would have to share reality - their physical existence must be in the same place as each other.
Assuming this dates back to the big bang, where time began, and that 2 universes started up at exactly the same time, but in different directions of time. Let's call them universe A and universe B.
in Universe A, the matter for universe A travels outwards and expands & cools to create the universe, but the matter for universe B stays put, as it has no time thus no movement. Meaning there is a singularity in the middle, which never ages, and a universe around it. Ditto but reversed in universe B.
If you traveled at "45°" to the timelines, you would see both the universes exist together. but would they interfere with one another? no amount of speed or force in the X dimension affects the speed or force in the Y dimension, so would the existence of 2 planets in the same location, both of which, to the other, doesn't exist, because it hasn't existed yet, affect each other?
In an arm-waving way this could explain black holes, as locations where time "turns" from one dimension to the other. No light escapes because, from universe A's point of view, it's frozen in time.
I think this comes in as the same level of confusing (If not more) as Relativity. 2 rockets fly away from Earth in opposite directions, both see their own timeline as going slower than the other rocket, but Earth sees the two rockets as having the same timeline. In this instance, the observer is Earth and the 2 rockets are the 2 universes... ...I think...
Head Hurts. stopping typing.