I am a PE relay guy (20+ years) and there seems to be a lot of mis-information in this thread. It is called the "Art" of relay protection because there are many ways to "skin a cat". It would take way too long to get into the details of the different methods for accomplishing the same protection on the same equipment. I have not seen the FLA rating of the breaker in this thread....perhaps I missed it. It is typical to use a 600A or 1200A breaker on a feeder ckt that will only have 100 to 200 A on it. This is because feeder ckts can be swapped or load added on to it in the future. The size (ratio) of the CT typically follows the rated FLA of the breaker but, not always. Sometimes it will follow the expected load (200A). This method provides the most protection sensitivity for weak systems. For systems that have substantial fault current, the CT ratio may follow the breaker FLA because detecting fault current is not a problem in a stiff system. The goal here would be reliability of the circuit and to allow downstream protection devices enough margin to clear before affecting upstream devices. As you can see, there are a lot of factors with determining the CT ratio and protection method.
A CT does not always saturate when the secondary nominal current (5A) is exceeded. It mostly has to do with the circuit that the CT is driving. If the distance between the CT and the relay is far and the wire is skinny, the impedance that the CT "sees" may be larger than its rating. There are other elements that can affect the CT ckt impedance as well. For example, if there are additional devices that are using the same CT ckt (ie metering, transducers, etc.). Also, the terminal connections themselves (loose lugs) can add to the CT ckt impedance. This type of saturation that can occur is analogous to an audio amplifier that is trying to drive too many speakers connected to one channel. The sound becomes more distorted as you turn the volume up and up.
One thing I do want to mention about the 587Z relay is that it not like the other relays. It is not an overcurrent relay. It is a voltage relay that is set to expect CT saturation to function correctly and typically does require all the CTs to have the same ratio but, not always.