Anything relating to time is a bad term I think. Much of it's in an alternate universe with different timelines. For example, Star Wars is in the past, if you listen to them.
I think a better term might be "technology fantasy" and "magic fantasy," but they aren't mutually exclusive. To use Star Wars as an example again, it has magic and technology. There shouldn't be an attempt to separate them as exclusive to each other because they're essentially the same things just with different settings.