In a gravitational two-body problem with the eccentricity in this range both bodies follow similar elliptic orbits with the same orbital period around their common barycenter. Also the relative position of one body with respect to the other follows an elliptic orbit.
Any classical system of two particles is, by definition, a two-body problem. In many cases, however, one particle is significantly heavier than the other, e.g., the Earth and the Sun. In such cases, the heavier particle is approximately the center of mass, and the reduced mass is approximately the lighter mass. Hence, the heavier mass may be treated roughly as a fixed center of force, and the motion of the lighter mass may be solved for directly by one-body methods.