Yes it is possible to have both independently. However there are some combinations that work better.

There is a reason why widget based UIs have a clock widget (At least Android and Symbian) even if they display it in the status bar : it is too small to be easy to read.
However, as the status bar is everywhere, it is still possible to check it (a bit difficult however) without a kind of peaking.

In Sailfish OS, the status bar is not there everywhere to gain some real estate on the screen (a feature I really like). So to check status and time, there is a need for the peaking system. However, by design, the peaking adds some gradual transparency overlay, so that with small peaking, the contrast is not that good. If the icons/time is small, it gets difficult to read, especially while on the move where only a quick check is possible (like when walking, and checking time from a map application). There, it makes more sense to follow the idea from sailfish OS 1.0 : make them big enough than it is easy and quick to read, no matter the transparency level and ambient light.

I am not always looking at my phone from my couch where a status bar is big enough. I use my phone also on the move (checking address, train departure time, messages...) where the ability to use the phone single handed, and with things big enough to be fast and painless to read is a benefit. It was a point that I found Sailfish OS 1.0 had a lot better than Android, but in 2.0 it is on par, maybe even less readable in Sailfish (contrast being worse due to progressive transparency in peaking and wallpaper, where android has it 100% white on black).

My 2 cents...