The maximum fuse looks too small and the wire sizing doesn't account for 125%. This is for an air compressor. Hope I've attached this right. I was thinking 80amp wire and up to 150 amp breaker.
So where did that come from, and what does it relate to?
The reason I ask; They clearly state "as per UL 508A" in several places. So that would relate to the INTERNAL conductors used inside of a control panel assembled by a UL 508A listed shop, and although I'm not checking their claims against UL documents, it might be perfectly legit.
But then YOU are citing the NEC requirements. SEPARATE ISSUES. If you are the installing contractor, you must use the NEC, pay no attention to what they did inside of their panel, that is between them, UL and God.
As a GENERAL RULE, UL and the NEC are now supposed to me much more in synch, but not always when it comes to INTERNAL control panel wiring, if for no other reason than the fact that UL allows them to size conductors based on 90C ratings, whereas we (as installers using the NEC) are mostly restricted to the 75C column.
Now, if they (the compressor supplier) are foisting those UL guides as if they apply to FIELD wiring, then they are probably wrong and you were right to question it.