Photoshop Spotted Color Channel Mixing Algorithm

Photoshop seems to have a dedicated blend mode for color channels. Let's see an example: blending the full opacity of red # ff3c1f with the full opacity of cyan # 1cd4c6.

If I create two color channels at 0% saturation and set their colors to # ff3c1f and # 1cd4c6 and fill them with black, I get # 91550D:

Now I know that color matching is a tricky problem that isn't even correct ( see related question ). But the result that Photoshop gives is very close to reality in most cases for me. Can anyone help me understand how photoshop does this blending?

I read on the Adobe forums that this is multiplicative CMYK blending. So I tried to reproduce this with layers, but I get # 7D4339:

I know CMYK is device dependent, but I've tried many different profiles, but none of them worked like streaming color channels. Screenshot is using Web Coverage Profile v2 (SWOP).

I tried Multiply blend in Lab and RGB, but it was even bigger.

I would really appreciate any understanding of this. Thank!