In most cases the load is fixed, so the conductor is sized so that the (adjusted) ampacity of the conductor equals or exceeds the load and the conductor is protected at or below its ampacity.I have always been under the impression that load is adjusted to meet the corrected ampacity, or the the size of the conductor is selected to meet the load after correction factors are applied.
The code section is poorly worded, but I don't read it as saying that you can protect these small conductors with an OCPD that a rating higher than the adjusted ampacity.The overcurrent device is sized to the ampacity, without the correction factor. 240.4(D)