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It's handy to have two if you want the meter to do the switching I.e. to not rely on synchronised clocks to activate your high power devices when the electricity has gone cheap.I see electricity suppliers offer other two-tier tariffs by time of use - presumably there's no need for two circuits these days?
Back in the day storage heaters etc were on their own circuit because they didn't have timers that could eg activate them only after 1am when the electricity went cheap, so they relied on the meter activating a dedicated circuit for them when it switched to night rate
The immersion, on the other hand, probably would have its own timer and may need to be activated any time, night rate or not, so that would be on the "always on" circuit and you use the timer to choose when it consumes