When at TDC, the valves should only be loose on one of the cylinders. That is the one that will be at TDC on it's compression stroke, and the one you can set the valves on. The other cylinder will be at TDC on it's exhaust stroke and it's valves cannot be set. Both should be tight still with no clearance. The exhaust will just be finishing closing and the intake will just be starting to open.
If you had the top off your motor and could observe the cam, you could see this. The rockers ride on top of the cam. In the pic below, the right cylinder would be at TDC on it's compression stroke. The rockers would be riding on the base circles (lowest point) of the cam lobes on that side. The left cylinder's rockers would still be riding on the approach ramps to the lobe high points, which would make the valves tight .....