  Macrorealism is a characteristic feature of many, but not all, classical
systems. It is known, for example, that classical light can violate a
Leggett-Garg inequality and, hence, reject a macrorealist interpretation. A
recent experiment has used entangled light and negative measurements to
demonstrate a loophole-free test of macrorealism [PRX Quantum $\mathbf{3}$,
010307 (2022)]. This paper shows that such an experiment, while soundly
rejecting macrorealism, may nevertheless be open to a classical interpretation.
This is done by offering an explicit classical model of heralded photon
detection in an optical interferometer with beam blockers. A numerical analysis
of the model shows good agreement with experimental observations and
consistency with both local realism and a rejection of macrorealism.
