In general yes.
The combination of residential continuous and non continuous loads does not exceed the equipment ratings.
Just to be clear on this, it is 100% noncontinuous + 100% continuous, that must add up to 320A, to use a 320A meter socket. Is this correct? If not, what am I not understanding?
By contrast, it is 100% noncontinuous + 125% continuous, that sizes the 400A breaker. So on occasion, as a consequence of this difference in sizing algorithms, you may have 320A meter sockets be incompatible with a load mix that fits on a 400A breaker.