If Theravada doesn't posit the selflessness of phenomena, then how to interpret SN 22.95? This question is closely related to this question and this question and this question.

There is a Sutta in the Pali Canon that seems to explicitly reject that any of the aggregates is real or substantially existent, but instead likening them to a lump of foam, a water bubble, a mirage, a plantain trunk, or an illusion:


  “Form is like a lump of foam, Feeling like a water bubble; Perception
  is like a mirage, Volitions like a plantain trunk, And consciousness
  like an illusion, So explained the Kinsman of the Sun.
  
  “However one may ponder it And carefully investigate it, It appears
  but hollow and void When one views it carefully.
  
  “With reference to this body The One of Broad Wisdom has taught That
  with the abandoning of three things One sees this form discarded.
  
  “When vitality, heat, and consciousness Depart from this physical
  body, Then it lies there cast away: Food for others, without volition.
  
  “Such is this continuum, This illusion, beguiler of fools. It is
  taught to be a murderer; Here no substance can be found.
  
  “A bhikkhu with energy aroused Should look upon the aggregates thus,
  Whether by day or at night, Comprehending, ever mindful.
  
  “He should discard all the fetters And make a refuge for himself; Let
  him fare as with head ablaze, Yearning for the imperishable state.”


Depending upon the answers to the previous questions I'd be very interested in how Theravada interprets this Sutta. Generally, I'm confused how Theravada interprets these Suttas into a coherent and non-contradictory whole:


SN 22.85 seems to say that regarding a Realized One as real or genuine is incorrect.
Itivuttaka 44 seems to say that (as per Ruben2020's answer here) the body is real and genuine.
SN 22.95 seems to reject that and say the body is to be considered like foam as "void, hollow, insubstantial."


Finally, Mahayana monastics train believing that the substantial difference between Theravada views of anatta and Mahayana views of shunyata is that Theravada regards the aggregates and all external phenomena as real and possessing intrinsic nature or essence.

How do Theravada proponents reconcile all of this?
Piya Tan in his commentary on the lump of foam sutta, quoted Bhikkhu Bodhi's commentary below:


  This sutta is one of the most radical discourses on the empty nature
  of conditioned phenomena; its imagery (especially the similes of the
  mirage and the magical illusion) has been taken up by later Buddhist
  thinkers, most persistently by the Madhyamikas. Some of the images are
  found  elsewhere in the Pali Canon, eg at Dh 46, 170. In the context
  of early Buddhist thought, these similes have to be handled with care.
  They are not intended to suggest an illusionist view of the world but
  to show that our conceptions of the world, and of our own existence,
  are largely distorted by the processes of cognition. Just as the
  mirage and magical illusion are based on real existents — the sand of
  the desert, the magician’s appurtenances — so these false conceptions
  arise from a base that objectively exists, namely, the five
  aggregates; but when seen through a mind subject to conceptual
  distortion, the aggregates appear in a way that deviates from their
  actual nature. Instead of being seen as transient and selfless, they
  appear as substantial and as a self. (Bodhi S:B 1085 n188)


I think the above commentary discusses the Theravada view accurately. The sutta does not talk of an illusionist view of the world. It does not imply that the five aggregates are not real. It simply points towards the five aggregates as being transient and without a self.

Also, please see the Suñña Sutta, which explains this more literally, as the five aggregates being empty of a self.