Assuming two planets are orbit-locked around a sun with the sun always sitting in the middle, it is not likely that a comet would deviate the path significantly enough to cause one planet to be able to see the other.
Less technological species
However assuming that happened, the less technologically advanced species would see the new planet as a religious event. In the same way that the sun was considered Apollo, god of the sun by the Greeks, lore will call the planet the birth of a god, and likely one related to the sun in some way as the planet would seem to appear to exit the sun.
It would significantly change the culture of religion. While many would likely already be religious, seeing the presence of this new planet be "born" from the sky would be a hard thing to deny by the non-religious. And such religion takes a strong foothold among culture. If there is more than one religion, each religion will have its own explanation for the event, so all religions would benefit from the event.
Religious leaders would gain enormous power, like if the pope suddenly became king of the realms and the kings would be overshadowed. Very few people would remain non-believers and fewer still would see the planet as a planet with inhabitants. It would be a constant uphill battle to convince anyone that it is a planet, and even then, any such a person would risk being named a heretic and lynched for crimes against the church.
You mentioned also a titan species. They too would likely have their own religion, and the smaller species might even take advantage of this to enslave them (promise them heaven for their unwaivering service for their new god in the sky).
This religion would also be likely the result of many crusades between those who have differing beliefs (though nobody would deny the existence of the planet).
More technological species
The more technological species would likely realize it to be a planet in the sky as they would most likely have a basic idea of their own planet orbitting the sun. It would be a focus of intense research and if this species weren't interested in space exploration before, they would be after this.
Religion would exist in this world too, and some would believe it to be a religious event as in the other world, but most would not. The vast majority would believe that it is a worthwhile venture to attempt to understand more about the planet.
Eventually probes would be sent to attempt contact or determining more information about the planet and the probes would likely determine that the planet is inhabitable and could possibly sustain life due to the presence of methane gas, however no direct sign of life would be determined. Due to the fact that the planet is still mostly hidden by the sun, it would make direct sending of signals difficult, so a second probe would have to act as a relay for the probe orbiting the sister planet.
Meeting of the species
Should these two species ever meet, the less technological species would assume them to be gods of some sort, and no amount of convincing to the contrary would make them believe otherwise. Teaching the less technological species new technology would create wild growth, but it would also create widespread famine and suffering to those who would be on the receiving end of the negatives of this new technology. For instance, replacing horses for cars would directly cause the demand for resources skyrocket and therefore you'd see miners worked to death. Also carriage transport services end up without a job in the new economy and them and many others would be without a job. Religion would continue to be heavily influential despite the knowledge that the planet is a planet and not a god, and many religions would renounce the more technologically advanced species which would create many bloody wars.
In short, it would be chaos.