I don't see it that way, but it's difficult to explain that outside moisture can't rot away the back of the box if the back of the box is out of the weather completely.
Because it's impossible to get a long-lasting water-tight seal between the outside wall surfacing material and the sides of the enclosure. Remember that the service-life of such panels are measured in decades. With thermal expansion/contraction, house settling and movement, and the affects of aging and weathering, I can guarantee that whatever seam you make, no matter how well-sealed at time of installation, will eventually leak water to the back of the enclosure. Once inside, the moisture cannot freely evaporate (that's the purpose of the required airspace) so it will begin to corrode the back of the steel panel.
I have an upcoming service change where the house siding is cement tiles - quite brittle, and far from 'flat.' I'd prefer to cut them away from the wall, and mount the panel directly to sheathing. (BTW, the wires will exit the back of the panel). After all, I've yet to drill & attach to these brittle older tiles without something cracking ... and the lap of the tiles intrudes on the drainage space in any event.
I can think of at least four ways to accomplish this and meet the requirements of the code:
Method 1: Obtain a sheet of building material of your choice that offers a superior mounting surface for your enclosure. Cut it to the outside dimensions of your panel and install it so it flush with the finished surface of your wall. Flash it and seal it as necessary to protect the wall from water incursion. Now you have a perfect mounting "pad" for your enclosure (with the required 1/4" airspace between the panel and your mounting pad).
Method 2: If you really prefer to have the enclosure recessed, you may still do that, but the opening for the enclosure must be at least 1/4" larger all the way around the perimeter of your panel. In other words, the recess opening must be equal to or greater than (W+1/2") x (H+1/2"), where W and H are the width and height of your enclosure. Personally, I would make it (W+1") x (H+1"), thus leaving a 1/2" side gap around the perimeter. Prep and seal the opening as necessary to prevent water incursion into the wall. Now when you mount the enclosure, you still meet the NEC requirement of "at least 1/4" airspace between the enclosure and the wall" (as long as you don't try to fill the airspace on the sides with some type of sealer). Note, the NEC does NOT specify that the airspace applies only to the back of the enclosure, so this is code-compliant (and it makes sense: the airspace all the way around the sides and behind the panel allow for any moisture to evaporate freely).
Method 3: Use a non-metallic enclosure as stipulated in the exception to 312.2.
Method 4: Build a utility closet or other enclosure on the side of the house so that your electrical panel is no longer in a "damp and wet location".
Let me flash around the panel, though, and the wall is protected.
As I pointed out in my earlier post, the NEC is not concerned with protecting the wall; it is concerned with protecting the enclosure.
So, the question is: MUST an outdoor panel be mounted completely above the finished face of a building?
No. But if the surface-type enclosure is to be mounted in a damp or wet location, then you MUST provide "at least 6-mm (1/4") airspace between the enclosure and the wall or other supporting surface", unless you can apply the exception. I don't see how the code could be any more clear on this requirement.