As you already know, variable bindings occur in arrow functions by "by-value". That means, an arrow function returns a copy of the value of the variable used in it from the outer scope.
Now let us see an example of how a arrow function returns a reference instead of a copy of a value.
<?php
$x = 0;
$fn = fn &(&$x) => $x; // Returns a reference
$y = &$fn($x); // Now $y represents the reference
var_dump($y); // Outputs: 0
$y = 3; // Changing value of $y affects $x
var_dump($x); // Ouputs: 3
?>