We do keep to terms and stop formal work during the holidays, but that is because I didn't take my DS1 out of school till he was 13, so this is what he is used to. Also, I have a younger son at school, so it suits us to keep the two boys to a similar pattern.
We start work at around 10 am, which gives me time to do the school run with DS2, have breakfast and get breakfast for DS1, and wash up/tidy/get the washing on. We cover Maths, Science, English and Handwriting practice, as well as extra topic work for other subjects (eg we studied slavery in North America last term). DS1 also has a weekly guitar lesson, Maths lesson with a tutor and works on a farm once a week. We also go for walks and swim. If we go on any trips, it tends to be on a Friday. DS1 sees his best friend either after school or at weekends.
The timetable is for me, really, so that I don't lose track of what we're doing. It is often much more flexible than I've described here, which is one of the advantages of home ed. For example, today DS1 was terribly anxious about going to the farm and couldn't do much formal work. No problem - he will do it this evening instead. Or he could catch up tomorrow, if he prefers.
It's true that working one to one at home is much more efficient than at school. I never expect DS1 to spend more than half an hour on each subject and often it is even less than that. However, I am amazed at the ground he has covered already.