You have enough time to visit both castles.
1 h between the collection of the reserved tickets at the ticket center and the first tour at Hohenschwangau
0,5 h for the Hohenschwangau tour
1 h time to get to Neuschwanstein castle (the ticket center will book you automatically on the next possible tour for Neuschwanstein castle you can make it to)
0,5 h for the Neuschwanstein tour
Thus if you collect your tickets at 12:30 you will be earliest finished with Neuschwanstein Castle at 15:30. But even if the tour slots won't work out that perfectly you have enough time (up to 2 hours time buffer). And it is also no problem to return from Füssen to Munich later in the evening.
I visited Neuschwanstein 3 years ago, but it was in an organized tour and I did not remember how many time took me. And my tour did not include Hohenschwangau. Because of this I had not idea about the necessary time to visit both castles.
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