No indication if this is for a particular version of the NEC so I'll be pulling from the 2023.
The exception to 690.9(D) is interesting. Does it only apply to a single inverter? What the exception is allowing is that if the XFMR is rated for the current that can be provided by the inverter then there is no protection required for the XFMR when considering only the inverter operation. This applies to a single 500kW inverter but why not five 100kW inverters combined and connected to the XFMR? From the perspective of the XFMR and the XFMR protection, they look the same and probably have a very similar current. So I would allow this exception for multiple inverters that are combined.
NEC 690.9(D) points us to 705.30(F), and 705.30(F) says:
This was added to clear up the whole primary/secondary confusion in systems with multiple sources. The primary side of a PV system XFMR will almost always be the side facing the utility as the largest source. The secondary is then facing the inverters. Then 240.21(C) is applied to the secondary conductor protection on the inverter side.
To sum it up; the XFMR conductors need protection from the utility and the XFMR is rated for the full output of any inverters feeding it.