Subtractive Mixed Lighting Produces Too Many Passes On Static Object Using Forward Rendering

I have a scene set up with 3 objects:
1 static plane
1 static sphere
1 non-static (dynamic) sphere

There are 2 lights lighting this scene:
1 directional light
1 point light (green)

Here is what the scene looks like:

Both lights are set to Mixed and the Mixed Lighting Mode in the Lighting Settings is set to Subtractive. The project is using the Forward Rendering path.

The 2 static objects have the Lightmap Static options set on their Mesh Renderers and they are standard unity objects so I don’t think I need to explicitly generate lightmap UVs. Both lights are lighting both objects.

The unity docs indicate that in Subtractive mode both direct and indirect lighting on static objects should be baked while direct lighting on dynamic objects will be realtime. Given that description, I would expect to see one rendering pass on the static objects together since they would be batched and 2 passes, 1 for each light, on the dynamic object.

That’s not what I’m seeing though. What I see is 1 base pass on the batched static objects and then 1 additional pass on each static object to rendering the second light. Basically the mixed lights are behaving like realtime lights on the static objects. See snapshot of the frame debugger below:

Is my assumption of how this is supposed to work incorrect?

We are on Unity 2018.7.1f1 if that makes a difference.

Could we get some input on this please? Has anyone experienced something similar or have some advice to offer if we have set this up incorrectly?