In this work we study the application of two-photon correlated quantum states for high-precision time estimation. To achieve this, photon pairs were fed into a Hong-Ou-Mandel polarization interferometer to generate N00N entangled states with N = 2. Two- and four-detector schemes were considered, and the achievable time estimation precision of each was studied, with particular emphasis on the system's Fisher information in each case. Our results reveal that using a four-detector scheme, enabling the measurement of both coincidence and photon-bunching terms, achieves the maximum precision given by the quantum Fisher information, without the need of characterizing system losses. We also show that correlations between repetitions arise due to systematic errors, limiting the precision enhancement that can be obtained by increasing the number of repetitions. Taking these correlations into account, we show that the four-detector scheme outperforms the two-detector scheme in the precision of time-delay estimation. With the experimentally determined calibration uncertainties, the four-detector scheme improves the dispersion by a factor of 2 for the repetitions performed, reaching up to a factor of 4 as both schemes approach their systematic floors.