This is more of a theory question than a NEC question. Think of eight rooms, in a group on one side of a building and think of the supply panel being on the other (far) side of the building with only a single conduit running between the panel and a junction box located in the vicinity of the four rooms. Each room is provided 120 V receptacles and 120 V lights on an individual branch circuit.
Instead of sending the homerun of the individual branch circuit, on its own, all the way to the panel on the other side of the building, the installing electrician goes first to the local j-box on the end of the conduit run.
In the j-box, the electrician connects the individual branch circuits together to form 208/120 V 3? MWBCs. In so doing, s/he reduces the number of neutrals, reducing the current carrying conductor count, and reducing the number of wires for conduit fill.
The rooms are wired as individual branch circuits. The circuit path between the panel overcurrent protective device and the first outlet is broken into two parts. The MWBC part has a neutral that carries the unbalance current of the hot conductors, and the voltage drop along the circuit resistance is reduced.
The scenario I describe above has all 120 V loads on individual branch circuits. . . .there are no 208 V, 208/120 V or 3? loads.
The presence of the MWBC in a portion of the homerun between the OCPD and the first outlet on the individual branch circuit is a design consideration only. If, after derating for current carrying conductors in a raceway, and the sizing of the conductor for any other concerns, this portion of the path that is multiple MWBCs still squeezes into the existing conduit, then, hey! . . . good on ya! :smile: