It powers lights, exit signs, receptacles, hvac and process equipment, gas process cabinets and the loads have priorities
I am going to jump in here because this is a subject I have recently had the need to educate myself on.
First, what determines whether a system is an emergency system as defined by article 700 and definition 700.2? Someone else can quote but I don't have that ability. The definition throws the word "legally" in to it. Best I can tell, it is either of two ways. One, is that the AHJ determines that battery operated emergency lights alone are not adequate (technically each battery unit is a self contained code 700 system but I mention this just to stop the really picky people here), and they require an alternate power source, usually a generator sometimes an UPS. Second the customer decides to utilize a generator in lieu of individual battery units.
Either way, article 700 is invoked. In a nut shell that means, that the entire system, from panels, to transfer switches to conduit and wiring, must be kept separate and can ONLY be used to "supply, distribute and control power and illumination essential for safety to human life." Pretty much, that is lighting, fire alarm, fire pumps, and ventilation specifically designed to remove smoke from a fire. The wiring can NEVER be run in the same conduit as other wiring.
As far as I can tell, article 701 "Legally Required Standby Systems" will only, ever be installed when the AHJ determines they are required, otherwise no on would incur the expense and would merely feed all loads from and article 702 "Optional Standby Systems". So, if the AHJ determines, for example, that a sewage lift station in the basement must be powered by backup, or a handicap lift, a ventilation system for toxic gasses, or similar load, then you would be required to install the additional panels and transfer switches required. Note that the conduit and wiring can be intermingled for article 701, 702, and normal loads.
So, one last thing if you made it this far. Article 702 loads are basically anything and everything that is fed from two sources, such secondary source as an alternate service, generator, or UPS.
I am not going to propose a code revision, but it would make real sense to me, to require a permanent label on all article 700 Emergency, panels and transfer switches identifying them so that one doesn't have to research the entire distribution system to determine whether that refrigerator going to the EM panel is legal.