Tomos
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I think it works by RAW.
Hunter's Bond specifically excludes stacking of Favored Enemy bonuses. That would exclude your own Favored Enemy bonus.
Terrain Bond does not make this exclusion as it does not grant a Favored Terrain bonus, just a flat +2 untyped bonus which mimics it.
I don't see this breaking anything and it actually makes sense thematically. The Guide is still 'better' than other party members in his favored terrain. A +2 to Initiative, Survival, Perception and Stealth is nice, but not crazy good.
It's also a very circumstantial bonus. Even if you're in a wilderness campaign, you're not likely to be in a "Forest" all of the time.