Keep in mind the cam rotates at half the engine speed, so one of the times the cylinder is at TDC it is just finishing the compression stroke and the plug has fired to initiate the power stroke. This is the point at which the valve clearance is checked, since both valves are closed and there is clearance between the cam base circle and the rockers. The next time the piston comes to TDC, it is finishing the exhaust stroke and starting the intake stroke, and the cam may still be acting on the valves.
Hope this helps.