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What an interesting question! Short answer -- it doesn't really matter what we think, it only matters what your code reviewers think, and how they interpret it.
I think it is probably more correct to model it identically in the baseline and proposed (because of the "include all loads" language), but my local jurisdiction seems to prefer it broken out with baseline vs proposed since that is what they are used to under IECC Total Building Performance Method (where it is explicitly included and traded). They want to see that the design of the exterior lighting is in compliance.
Since compliance is the name of the game, I always show a baseline and proposed load generated using 9.4. I haven't had a project that is close enough to the edge that a bit of exterior lighting tradeoff makes a difference, and code officials are happy.