Another way to look at it is this, which is possibly something that
@mikejs78 wrote and which I found useful.
Every time you book an LL pass, you then earn yourself a credit for another one.
You can only redeem that credit once, either once you actually tap in to the attraction or 2 hrs after you booked it. You don’t get to redeem it at both points.
So in this case, using what I wrote above:
At 7am you book ride A and earn a credit for ride A. Your return time is 1:15pm.
At 11am you redeem the credit for A by booking ride B - this is the 2 hr rule because your return time hasn’t come round yet. Your return time for ride B is 12:30pm.
At 12:30pm you go to ride B - at this point you can redeem the credit for ride B by booking ride C. Your return time is 1:30pm.
At 1:15pm you go to ride A. But you’ve already redeemed the credit for ride A so you cannot book another one yet.
At 1:30pm you go to ride C and once you tap in you can redeem the credit for ride C, which you do by booking ride D…..