While the fault is occurring the system voltage (actually voltage at breaker) will divide almost equally between VD in the ungrounded conductor and VD in the EGC. Source impedance control and clearing times can do nothing to change that voltage. What they can do is keep the exposure time short enough that even 240V will not be lethal.
This is different in some ways from a bolted ground fault right at the service point, where the relative sizes and lengths of grounded and ungrounded wires may make the voltage divider other than 50%, but the limited exposure time is still what saves lives.
Note also that when the wire EGC is smaller than the ungrounded conductor the voltage will be higher than half the system voltage and when a racewsy EGC is used the voltage may be lower than half.
How is this 50% number reached? A larger EGC would defiantly reduce the voltage rise. And, if I bonded the faulting appliance to a mat or UFER below my feet that voltage would go down even more. Even at 277 volts, my understanding is that when the fault does happen in a building that on average the voltage drop across the EGC will cause a voltage around (approximately) 1/3 to show up relative to remote earth.
ID have to crunch the numbers though... but if the impedance, length and available fault current and voltage drop at the service when the fault is happening is known a very good rough number can be deduced.
In The IEC they do talk about earth fault loop impedance and disconnect times. Though its more disconnect time...
I guess I need to think about this more And more explanation.