There is at least one model of the 4NT's and punabhava including that whole description of death and the passing away of the body with each breath which would sit comfortably within a one lifetime schemata...( actually there are many )
See Ajahn Buddhadasa...
Anyone is of course free to reject( after due consideration ) that model. Just as anyone is free to reject ( after due consideration ) the Three Lifetimes model.
Its no skin off my nose. I really have no preference which model anyone else chooses.
Both can be argued from the Suttas. Take your pick.