Either way it won't know what VD is already present at the service disconnect, upstream feeders, etc. it can only respond to conditions present at its connection point.
The voltage drop given by those circuit analyzers is the total amount of drop.
210.19 (A) Informational note. Conductors for branch circuit should be sized to prevent a voltage drop of 3%. This leaves the other 2% for feeders and service cable.
I had a house with a higher than normal voltage drop and noticed that it was a long way from the transformer. I kind of wondered if there could also be some connection issues. I called the power company and they sent a tech (lineman) out with the beast to do a check. He tested it and he agreed that it was high but still within acceptable limits as far as the power company was concerned ( more than 2%).
That 5% suggestion is for efficiency and not safety. That makes it more of a design issue than a code issue.
There is not much you can do about the incoming power problem.
Just out of curiosity I tested voltage drop in several newer homes and found that there are likely to be a few receptacles that are over 5% in most of them. These will be the ones with the longest home runs, just as you would expect.
We could use #12 GA wire on the longer runs but I don't think it's going to happen unless it's specified that way. As far as I know it's not been a problem.