How would that be any different than taking a 10-2, 8-2, 6-2 g and using it for a 240 volt ac circuit, water heater cir,air handler circuit and so on.
Most of time the white is right on the breaker with out any re- identification.
As an unwritten rule it's allowed in about all residential work where the volt is single phase 120/240. Also a lot of multifamily even though the service voltage is 120/208 three phase.
Now in some AHJ areas as amended. When 120/208 all conductors including the branch circuit shall be identified per there color coding rules.
So when there is a single phase feeder from a 120/208 service. It shall be identified as such. If the unit was feed with phase red and blue than the branch circuits shall be identified as such for that unit. That means no black white NM for that unit. Must be red/ blue white NM.
Seams crazy however then can enforce. If your area has an color coding rules
The key words to look for is multi family with (X) service. Or branch circuit wiring for a single phase panle feed from a three phase service or other than single phase service. When using mc for other type of construction for this application the rule would be the same.
I would say before doing check with local AHJ.
Also follow some good installation methods and use common sense.
You will notice that there is no mention of single phase.