  In a recent work [Phys. Rev. A \textbf{102}, 053723 (2020)] we have shown
that experiments that produce and characterize single-mode light squeezing can
be explained in a way where no single-mode squeezed light state is produced in
the setup. Here we apply the same ideas to demonstrate that experiments that
produce and characterize two-mode light squeezing can also be explained without
the production of two-mode squeezed light states. In particular, we show that
there is no entanglement between the signal and idler ``twin beam'' modes. This
fact may be surprising, since this setup is frequently used to implement
entangled-based quantum information protocols such as quantum teleportation.
Our work brings an alternative view of the phenomenon. We generalize the Luis
and S\'anchez-Soto's two-mode relative phase distribution [Phys. Rev. A
\textbf{53}, 495 (1996)] to treat four modes, showing that a general physical
explanation for the noise reduction in the experiments is a better definition
of a phase relation among the four involved optical modes: Signal, idler, and
two local oscillators.
