Let the speed of projection be \( u \), and the angles of projection for the two balls be \( \theta_1 \) and \( \theta_2 \). The maximum height \( H \) for a projectile is given by:
\[
H = \frac{u^2 \sin^2 \theta}{2g},
\]
where \( g \) is the acceleration due to gravity.
For the first ball, the maximum height is:
\[
H_1 = \frac{u^2 \sin^2 \theta_1}{2g}.
\]
For the second ball, the maximum height is:
\[
H_2 = \frac{u^2 \sin^2 \theta_2}{2g}.
\]
We are told that \( H_1 = 2H_2 \), so:
\[
\frac{u^2 \sin^2 \theta_1}{2g} = 2 \times \frac{u^2 \sin^2 \theta_2}{2g}.
\]
Simplifying:
\[
\sin^2 \theta_1 = 2 \sin^2 \theta_2.
\]
This implies:
\[
\sin \theta_1 = \sqrt{2} \sin \theta_2.
\]
Now, the time of flight \( T \) for a projectile is given by:
\[
T = \frac{2u \sin \theta}{g}.
\]
For the first ball, the time of flight is:
\[
T_1 = \frac{2u \sin \theta_1}{g}.
\]
For the second ball, the time of flight is:
\[
T_2 = \frac{2u \sin \theta_2}{g}.
\]
Taking the ratio of the time of flights:
\[
\frac{T_1}{T_2} = \frac{2u \sin \theta_1}{g} \div \frac{2u \sin \theta_2}{g} = \frac{\sin \theta_1}{\sin \theta_2}.
\]
Substituting \( \sin \theta_1 = \sqrt{2} \sin \theta_2 \), we get:
\[
\frac{T_1}{T_2} = \sqrt{2}.
\]
Therefore, the ratio of their time of flight is \( 2 : 1 \).
Thus, the correct answer is (3) \( 2 : 1 \).