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In a recent work [Phys. Rev. A \textbf{102}, 053723 (2020)] we have shownthat experiments that produce and characterize single-mode light squeezing canbe explained in a way where no single-mode squeezed light state is produced inthe setup. Here we apply the same ideas to demonstrate that experiments thatproduce and characterize two-mode light squeezing can also be explained withoutthe production of two-mode squeezed light states. In particular, we show thatthere is no entanglement between the signal and idler ``twin beam'' modes. Thisfact may be surprising, since this setup is frequently used to implemententangled-based quantum information protocols such as quantum teleportation.Our work brings an alternative view of the phenomenon. We generalize the Luisand S\'anchez-Soto's two-mode relative phase distribution [Phys. Rev. A\textbf{53}, 495 (1996)] to treat four modes, showing that a general physicalexplanation for the noise reduction in the experiments is a better definitionof a phase relation among the four involved optical modes: Signal, idler, andtwo local oscillators.

Describing two-mode squeezed-light experiments without two-mode entanglement or squeezing