In this answer we shall follow a path Ramanujan must have likely taken at some point, though we have no solid evidence that he actually did. We prove the claim in two different ways part I and Part II. Part I is a rather long route while part II is very short and direct.
We make use of the usual notation of a q-pochhammer symbol
$\displaystyle (a;q)_\infty=(a)_\infty=\prod_{n = 1}^{\infty}\left(1-aq^{n-1}\right)$
the well known ramanujan theta function
$f(a,b)=\displaystyle \sum_{n=-\infty}^{\infty} a^{\frac{n(n+1)}{2}} b^{\frac{n(n-1)}{2}}=(ab;ab)_{\infty} (-a;ab)_{\infty} (-b;ab)_{\infty}\tag1$
and the q-binomial theorem
$\displaystyle \sum_{n=0}^{\infty} \frac{(c;q)_n}{(q;q)_n}z^n=\frac{(cz;q)_\infty}{(z;q)_\infty}\tag2$
Part I
In chapter 16 of Ramanujan's second notebook we have entry 11
$\displaystyle \cfrac{(a-b)}{1-q+}\cfrac{(a-bq)(aq-b)}{1-q^3+}\cfrac{q(a-bq^2)(aq^2-b)}{1-q^5+}\cdots=\frac{(-a)_\infty(b)_\infty-(a)_\infty(-b)_\infty}{(-a)_\infty(b)_\infty+(a)_\infty(-b)_\infty}$
which can be rewritten as
$\displaystyle \cfrac{2}{1-}\cfrac{(a-b)}{1-q+}\cfrac{(a-bq)(aq-b)}{1-q^3+}\cfrac{q(a-bq^2)(aq^2-b)}{1-q^5+}\cdots=1+\frac{(-a)_\infty(b)_\infty}{(a)_\infty(-b)_\infty}$
After replacing $a$ by $-a$, we let $ab=q$ and then apply entry 30(ii) $f(a,b)+f(-a,-b)=2f(a^3b,ab^3)$ from chapter 16 of Ramanujan's second notebook, after which we are led to
$\displaystyle \cfrac{1}{1+}\cfrac{(a+b)}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{f(a^3b,ab^3)}{f(a,b)}$
We now introduce the following ramanujan theta function
$bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)=\displaystyle \sum_{n=-\infty}^{\infty} (a^n b^{n+1})^{2n+1}\tag3$
which has a nice jacobi triple product
$bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)=(a+b)(a^4b^4;a^4b^4)_{\infty}(-a^3b^5;a^4b^4)_\infty(-a^5b^3;a^4b^4)_\infty\tag4$
and satisfies the ff identity
$f(a,b)-f(a^3b,ab^3)=bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)\tag5$
To see how, we add entry 30(ii) $f(a,b)+f(-a,-b)=2f(a^3b,ab^3)$ and entry 30(iii) $f(a,b)-f(-a,-b)=2af\Big(\displaystyle \frac{b}{a}, a^5b^3\Big)$ from [1] together and then recall entry 18(i) $f(a,b)=f(b,a)$
Note that if we let $a=\displaystyle \frac{q^{\frac{1}{4}}}{w}$ and $b=\displaystyle q^{\frac{1}{4}}w$, the function $bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)$ becomes jacobi theta function $\vartheta_{10}(q,w)$. Thus it generalizes the form of jacobi theta function $\vartheta_{10}(q,w)$ in much the same way ramanujan theta function $f(a,b)$ generalizes $\vartheta_{00}(q,w)$.
To find out how the triple product identity $(4)$ comes about, we use the very general ramanujan theta function $(1)$
$bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)=b(a^4b^4;a^4b^4)_{\infty}(-a^3b^5;a^4b^4)_\infty\Big(-\displaystyle \frac{a}{b};a^4b^4\Big)_\infty$
Next up we employ the q-binomial theorem $(2)$
Let $c=q$ and in place of q insert $q^4$ and then we have
$\displaystyle \sum_{n=0}^{\infty} \Big(-\frac{a}{b}\Big)^n=\frac{\Big(\displaystyle -\frac{a}{b}q^4;q^4\Big)_\infty}{\Big(\displaystyle -\frac{a}{b};q^4\Big)_\infty}$
Since $q=ab$
$\displaystyle \sum_{n=0}^{\infty} \Big(\displaystyle -\frac{a}{b}\Big)^n=\frac{(-a^5b^3;a^4b^4)_\infty}{\Big(\displaystyle -\frac{a}{b};a^4b^4\Big)_\infty}$
$\displaystyle \frac{b}{a+b}=\frac{(-a^5b^3;a^4b^4)_\infty}{\Big(\displaystyle -\frac{a}{b};a^4b^4\Big)_\infty}$
therefore
$\displaystyle (a+b)(-a^5b^3;a^4b^4)_\infty=b\Big(\displaystyle -\frac{a}{b};a^4b^4\Big)_\infty$
After employing $(5)$ we are immediately led to the theta quotient
$\displaystyle \cfrac{(a+b)}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)}{f(a^3b,ab^3)}=\frac{\displaystyle \sum_{n=-\infty}^{\infty} (a^n b^{n+1})^{2n+1}
}{\displaystyle \sum_{n=-\infty}^{\infty} a^{n(2n+1)} b^{n(2n-1)}
}$
which then reduces to
$\displaystyle \cfrac{1}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{(-a^5b^3;a^4b^4)_{\infty}(-a^3b^5;a^4b^4)_\infty}{(-a^3b;a^4b^4)_{\infty}(-ab^3;a^4b^4)_\infty}\tag6$
as desired.
Part II
If we change the sign of $b$ to $-b$ in entry 11 and then let $q=ab$, the general continued fraction becomes
$\displaystyle \cfrac{(a+b)}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{(-a;ab)_\infty(-b;ab)_\infty-(a;ab)_\infty(b;ab)_\infty}{(-a;ab)_\infty(-b;ab)_\infty+(a;ab)_\infty(b;ab)_\infty}$
Recalling ramanujan theta function $(1)$ we immediately observe that the right hand side is actually
$\displaystyle \cfrac{(a+b)}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{f(a,b)-f(-a,-b)}{f(a,b)+f(-a,-b)}$
And now dividing entry 30(iii) $f(a,b)-f(-a,-b)=2af\Big(\displaystyle \frac{b}{a}, a^5b^3\Big)$ by entry 30(ii) $f(a,b)+f(-a,-b)=2f(a^3b,ab^3)$ we are directly led to the theta quotient
$\displaystyle \cfrac{(a+b)}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{bf\Big(a^3b^5,\displaystyle \frac{a}{b}\Big)}{f(a^3b,ab^3)}$
which then reduces to
$\displaystyle \cfrac{1}{1-(ab)+}\cfrac{(ab)(1+a^2)(1+b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1+a^2(ab))(1+b^2(ab))}{1-(ab)^5+}\cdots=\frac{(-a^5b^3;a^4b^4)_{\infty}(-a^3b^5;a^4b^4)_\infty}{(-a^3b;a^4b^4)_{\infty}(-ab^3;a^4b^4)_\infty}$
after employing the jacobi triple products $(4)$ and $(1)$
Remark
Note that if we let ${a\to ia}$ and ${b\to -ib}$ our continued fraction $(6)$ becomes
$\displaystyle \cfrac{1}{1-(ab)+}\cfrac{(ab)(1-a^2)(1-b^2)}{1-(ab)^3+}\cfrac{(ab)^2(1-a^2(ab))(1-b^2(ab))}{1-(ab)^5+}\cdots=\frac{(a^5b^3;a^4b^4)_{\infty}(a^3b^5;a^4b^4)_\infty}{(a^3b;a^4b^4)_{\infty}(ab^3;a^4b^4)_\infty}$
which is the q-analog of the ff continued fraction for the ratio of gamma functions
$\displaystyle \cfrac{4(a+b)}{(a+b)+}\cfrac{(2a)(2b)}{3(a+b)+}\cfrac{(3a+b)(a+3b)}{5(a+b)+}\cfrac{(4a+2b)(2a+4b)}{7(a+b)+}\cdots=
\frac{\displaystyle\Gamma\Big(\frac{a+3b}{4(a+b)}\Big)\Gamma\Big(\frac{3a+b}{4(a+b)}\Big)}{\displaystyle\Gamma\Big(\frac{3a+5b}{4(a+b)}\Big)\Gamma\Big(\frac{5a+3b}{4(a+b)}\Big)}$
a special case of a continued fraction due to Nörlund, see here, [3], [4] and [5]
And moreover if we replace either $a$ by $-a$ or $b$ by $-b$ in $(6)$, then we have the form suggested by the OP
$V(q)=\displaystyle \cfrac{1}{1+(ab)-}\cfrac{(ab)(1+a^2)(1+b^2)}{1+(ab)^3+}\cfrac{(ab)^2(1-a^2(ab))(1-b^2(ab))}{1+(ab)^5-}\cdots=\frac{(a^5b^3;a^4b^4)_{\infty}(a^3b^5;a^4b^4)_\infty}{(a^3b;a^4b^4)_{\infty}(ab^3;a^4b^4)_\infty}$
Thus to answer the OP's question, if $q=ab$ given $|q|<1$ then U(q)=V(q) i.e. entry 11 and entry 12 in [1] are equal only when $q=ab$
[1] Chapter 16 of Ramanujan's second notebook: Theta-functions and q-series C. Adiga, B.C. Berndt, S. Bhargava and G.N. Watson
[2] A continued fraction of Ramanujan C. Adiga and N. Anitha
[3] Fractions continues et différences réciproques, Acta Math. 34(1911), 1-108. N. E. Nörlund
[4] Ramanujan's notebooks part II B.C. Berndt
[5] Die Lehre von den Kettenbrüchen, Band 2, dritte Auf., B. G. Teubner, Stuttgart, 1957. O. Perron