Yeah, you got them right. Habang = "during" or "while" depending on the context. Panahon = time; period of time. "Habang panahon" = Forever, eternally, perpetually... This is how it works: "Habang panahon" literally means "while there's (the existence of) time ---> not time as a period or moment but time as a dimension. "Habang panahon" is synonymous with "Habang buhay" literally "during lifetime". Hope this helps. ;)

Cheers buddy

Habang panahon can also mean for a long time