On a 480Y277V system, the 277V is the phase to neutral voltage, it would not apply to a 3 phase motor at all.
Motor voltage ratings are always lower that standard line voltage ratings, because it is assumed that there will be a voltage drop between the transformer and the motor terminals. 460V is the standard "Utilization Voltage" rating of a motor intended to operate on a "Service Voltage" of 480V. The Service Voltage from the utility can vary by +-5%, the motor is designed around +-10% of the Utilization Voltage. That way a 480V service can drop to 456V or rise to 504V, but the motor can handle down to 414V up to 506V, so no problem.