https://scholar.google.com/scholar_case?case=173803621968999...
Indeed, here in Michigan most of these signs have hours that they apply, sometimes it's like 7:00 am-4:00pm, other times they split it into a morning and afternoon session...
That doesn't seem to comport with how people actually drive when students are in school but not visible. It also seems questionable to require people to know whether kids are in a school at any given time. You can be fairly sure they're there Mon-Fri during most non-summer weeks of the year, but there are also kids at the school after school for many hours, practicing sports/drama/science bowl.
I'm pretty sure I'd get honked at if I drove 25 MPH past a school in a 35 MPH zone at 5p on a weekday, if there were no kids around.
I've talked about this with my lawyer friends (I am a lawyer also), and we've never been able to figure out exactly what this phrase means. Surely it isn't meant to be interpreted literally, as this would imply that the lower speed only applies when multiple children (not a single child) are present.