arXiv2026
GW231123 is one of the most unusual gravitational-wave (GW) events, with exceptionally large inferred masses and near-extremal spins, offering an opportunity to test whether propagation effects contribute to these properties. We therefore examine whether the data support wave-optics microlensing embedded in a strong-lensing galaxy, whose detection becomes increasingly likely as observations accumulate, whether this interpretation can explain these properties, and how significant the preference remains under detector noise and waveform systematics. We compare six hypotheses: unlensed, isolated point mass, and embedded point-mass (EPM) and binary-lens (EB) effective models in Type-I (minimum) and Type-II (saddle) macro images. The EB Type-I model is most favored. For the most accurate waveform model NRSur7dq4, it gives $\log_{10}B^{\rm EB-I}_{\rm U}=2.60$, versus $0.89$ for Type II, indicating sensitivity to macro-image geometry. Within Type I, however, the binary improves over the point mass by only $\log_{10}B^{\rm EB-I}_{\rm EPM-I}=0.16$ and $Δ\ln\mathcal{L}_{\max}=0.56$, providing no clear evidence for structure beyond a single effective perturber. Moreover, under embedded lensing, waveform-template discrepancies and inferred masses and spins are reduced. However, real O4a backgrounds from numerical-relativity injections show that the apparent lensing evidence is sensitive to waveform systematics and realistic detector noise: although the commonly used waveform IMRPhenomXPHM gives the largest Bayes factor, $\log_{10}B^{\rm EB-I}_{\rm U}=4.52$, it is less exceptional relative to its own background, with a false-alarm probability of $6.5$--$8\%$, whereas NRSur7dq4 gives only $2$--$3\%$. Thus, waveform systematics can amplify apparent lensing evidence, but GW231123 remains an intriguing lensing candidate.