even if the wires are in galvanized rigid conduit?
...even if.
The NEC makes no distinction on resi., comm., or even industrial services in regards to 230.70.
Your saving grace may be the AHJ/EI.
In my own home, the EI has "allowed" me to enter appx. 8' of unprotected service entrance conductors "provided I use RMC" ~ over kill for resi., but that's where I want my panel and that's the price we agreed upon to allow it.
The issue is the "unprotected conductors".
RMC does not protect the conductor from any over current or shorts ~ only an OCPD can do that.