If you were to perfectly balance the loads so that the neutral current is zero, you can think of it as 2 loads in series, connected to a 240V supply.
Since perfectly balances loads are not practical, the neutral's job is to keep the point between these loads at 0V by providing or taking current as needed when the system is not balanced. This is why open neutrals can lead to serious damage. If the voltage between the "series" loads is not held at 0, it will move toward + or - 120V in proportion to any mismatch in loads. This means loads on one leg will be at voltages above 120V while the other will be below 120V.