Continuous vs non-continuous loads is an issue unrelated to 40% vs 100% in 220.82. Note that the only place in Article 220 the word "continuous" is used as in continuous load is in 220.82(C)(6) with respect to heating equipment.
If the house has (2) 40A (continuous) EVSEs on 50A circuits, then the 40% vs 100% computation would be a difference of 60% * 80A = 48A, but your numbers differ by 45A. Regardless, 173A is the correct computation under 220.82. Nothing there calls for a 100% factor for EVSEs. If you feel it should, then a proposal to change 220.83 for the 2026 NEC is in order.
You are correct that if two EVs are charging at the full 40A rate, that will be an actual 80A load on the service, leaving only 120A of headroom for the other 141A of calculated load. [Or 95A of headroom if the service OCPD is being reduced to 175A for, say, a PV or ESS installation.] But the same is true for any other load that gets a 40% factor in 220.82. EVs typically charge overnight, so concomitant loads will typically be less than normal.
Cheers, Wayne