First if this is a factory assembled control panel, the NEC does not even apply to the internal wiring.Extra Flex, high strand count, 105 degree, MTW/AWM 4/0 shows a 405 amp rating from manufacturers. Standard 4/0 THHN, 75 degree is rated at 230 amps. Does the NEC allow the higher amp rating from the manufacturer?
Plus you need terminations (including whatever any terminals crimped to the wire may end up attached to) which are rated at 105?C before you can use the 105?C ampacity of the wire.Also note that if this is a NEC application, you need wire terminations that are listed for use with finely stranded conductors...something that you often don't see in a manufactured control panel.