If the Arduino tells a radio to transmit a value, and another Arduino with receiver receives the value, and sends a reply to the first Arduino, there are several things that have to happen.
The first Arduino needs to record the time and tell the radio to send some data. Does it record the time first? Or does it tell the radio to send the data first? The time will be different in each case.
What is the resolution of the time that it records?
The signal needs to travel from one radio to the other. That is the time that you are interested in. How will you KNOW that the signal made it to the other radio? You only know that because the other radio receives the signal, passes it to the Arduino, which notices that there is data to read, reads, it, decides what it means, and tells the radio to send a response. How long does all THAT take to happen? Is that amount of time consistent? With what accuracy can you measure that time?
The second signal needs to travel back to the first radio. The first radio collects the data, and makes it available to the Arduino, which, sooner or later, notices that there is data to be obtained from the radio. Only when the first Arduino notices that there is data to be read can it stop measuring time.
So, now, you have some unknown period of time that it took for the signal to be sent, some time of interest that it took the radio signal to go from one radio to the other, some unknown period of time between the first radio receiving a signal and it sending a signal, some time of interest that it took the signal to get from the second radio to the first, and some unknown period of time that it took for the Arduino to recognize that the signal had returned.
So, you now have an equation: TotalTime = TimeOfInterest * 2 - UnknownTime1 - UnknownTime2 - UnknownTime3.
One equation, three unknowns.
Now, you need to figure out how long it takes a radio wave to travel 200 meters - 100 out and 100 back. Given the magnitude of that value and the resolution of the times you can measure, how accurately can you measure the time of flight? You could bury your head in the sand, and claim that the three unknown amounts of time are negligible, but we'd laugh at you if you did.
So, you can't really do that. You have to assign some magnitude to the known times. What value(s) will you estimate? What are the magnitudes of th(os)e value(s) relative to the total time?