It you want to do something pair-wise, just use pairwise :)

#!/usr/bin/perl

use strict; # https://perlmonks.org/?node_id=11144630
use warnings;
use List::AllUtils qw( max min pairwise );

my $TM_part1="25-40,74-93,95-120,130-149";
my $TM_part2="31-47,84-99,107-123,137-151";

my @split_TM1 = split(",", $TM_part1);
my @split_TM2 = split(",", $TM_part2);

my $result = join ',', pairwise {
  my $low = max map /^(\d+)/, $a, $b;
  my $high = min map /-(\d+)/, $a, $b;
  $low <= $high ? "$low-$high" : ();
  } @split_TM1, @split_TM2;
print "$result\n";
[download]

Outputs:

31-40,84-93,107-120,137-149
[download]