Hello Jani,
parallel loop: just two (or more) loops running in parallel. In Labview everything runs parallel (at the same time) as long there is no data dependency (Labview: wire) between it.
flag: a way to communicate between program structures. One structure sets the flag, the other is reading (and perhaps erasing) it. A flag may be a boolean or any other type of data. Just what you think will fulfill this job.
In your case: put the timing sequence in it's own while loop. Replace the start/stop button by their local variables and put the terminals in the main loop (you have to select switch instead of latch as mechanical action). Now you may switch the start/s
top at any time in your main loop and the timing loop will take the time in between.
Best regards,
GerdW
Best regards,
GerdW

using LV2016/2019/2021 on Win10/11+cRIO, TestStand2016/2019