They are separable in principle, and the classic design that separates them is sleep.
If forgetting were pure decay, time alone would do it, and an hour asleep should cost as much as an hour awake. It does not. Material learned before sleep is retained better than material followed by an equal period of ordinary activity.
That points at interference doing much of the work, because sleep removes the new input without removing the time.
The current picture is that both operate, plus retrieval failure, which is a third thing: the trace is intact but the cue is missing. Tip of the tongue is the everyday version.