We know that both H and M hands are constantly moving, which means that at 1:05:27.2727 seconds the centre of M moves over the centre of H, but it is only for an instant. We have also established that M moves at 12x the velocity of H, but neither are ever still.
This is not true. My opening statement of this post means that the question is indeed not moot for a Mondial clock. In this case, M moves at an obviously much faster speed than in a regular clock, but in both cases the M hand is moving across H – just at a different speed. That means there is indeed an instant in time when the hands are perfectly centred together – it is just briefer by the ratio of the speeds of the two different M hands..
If I knew the velocity of M (when it moves, or even how long it takes to move) in a Mondial clock of choice I believe I could work out that precise instant of time to any choice of decimal places. :D