Timelock 1 would be used to timelock the operator function on the token contract, the operator functions are things like setting no Tax addresses. Operator functions CANNOT MINT, setting it to timelock is just to make sure the community is secure to know which contracts are being whitelisted/being set to no taxation earlier on. Timelock 1 would be set at 2 hours
Timelock 2 would be the timelock for Masterchef contract. This would be set at 6 hours, and later on as the project stabilizes would be set to a higher timeframe.