I don't see how you can read the following any other way. It very clearly sets the maximum ampacity of a conductor connected to a termination the the values shown in Table 31.15(B). It directly references the table values and that eliminates the ampacity correction and adjustment factors from being used where they would increase the ampacity to a value greater than the table value. This is also an issue where conductors that do not have their ampacity set by that table are used.
There is the provision for equipment that is listed and marked for other conductor ampacities and there is a specific permission to use the dwelling unit conductor sizing from 310.15(B)(7), but other than that, we are stuck with the maximum permitted conductor ampacity being that taken directly from the specified table.
And I don't see how you can read 110.14(C)(1) as limiting the ampacity of a conductor, as it literally says nothing about limiting the ampacity of a conductor. It very clearly talks about "determining equipment termination provisions." Determining equipment termination provisions is not the same thing as determining the ampacity of a conductor. The main section of 110.14(C) provides a limit to the ampacity based on the temperature ratings of the connected terminations, conductors or devices. That would limit the ampacity of the 500kcmil to the 75deg ampacity when it is connected to a 75deg termination, but an ampacity of 422A for a 500kcmil conductor in a 65degF ambient IS the 75deg ampacity.
110.14(C) deals with "Temperature Limitations." The section on Equipment Provisions determines how much current a termination can carry without exceeding the temperature rating of the termination. In the OP, the termination is listed as being for suitable for (4) 4/0-500kcmil conductors. Per 110.14(C)(1), that would make the termination capable of carrying 1520 amps without exceeding the 75 deg rating (4x380A.) If I only connect (4) 350 kcmil conductors, that doesn't change the rating of the termination to 1240A. It is still capable of carrying 1520 amps without exceeding 75deg. In the same way, if I only connect (3) 500kcmil conductors, that doesn't change the rating of the termination to 1140A. The termination is still rated to carry 1520A.
As an example, let's say you had a 1200A feeder you needed to run from a switchboard to a distribution panelboard in a warehouse where the ambient temperature will not exceed 60degF. The breaker in the switchboard has termination provisions for (4) 4/0-500kcmil conductors. The main lugs in the distribution panelboard have termination provisions for (3) 500-700kcmil conductors. The load on the feeder is 1175A non-continuous. The conductors and the termination provisions are rated 75degC. Starting at 215.2(A)(1)(b), I see that three 500kcmil conductors have an ampacity of 1265 after the application of the temperature correction factor. (400kcmil would have an ampacity 1116, so the three 500kcmil would be the smallest allowable conductor.)
Next, 215.3 says that the feeder conductors shall be protected against overcurrent in accordance with Part I of Article 240. 240.4(C) says that the ampacity of the conductors must be equal to or greater than the rating of the OCPD, as the OCPD is over 800 Amperes. We have seen in the previous step that the three 500kcmil conductors has an ampacity of 1265, so they are properly protected by the 1200A c/b.
Now let's go to 110.14(C) for the temperature limitations of the conductors and the termination provisions of the equipment. We have already seen that the conductors can carry 1265 amps without exceeding the 75 deg insulation rating of the conductor. The conductors will only be carry a load of 1175A, so the conductor will be operating at
below 75deg. From 110.14(C)(1), I see that the terminations at the breaker can carry (4x380)1520 amps, and the terminations at the breaker can carry (3x460) 1380 amps without exceeding the 75deg rating of the terminations. The terminations at both end will carry a load of 1175A, so the terminations will be operating at well
below 75deg.
So in this example, the conductors have sufficient ampacity to carry the load, the conductors are properly protected by the OCPD, the conductors are operating at a temperature below their temperature rating, and the terminations are operating at below their temperature limitiation. That would be a Code compliant installation.