And to reiterate post #9: The Primary-to-secondary voltage ratio of a 480-208/120V transformer is 2.3.
This is true for the Article 100 definition of "Voltage (of a circuit)," so would definitely apply to the phrase "primary circuit to secondary circuit voltage ratio."
But as the discussion above demonstrated, this answer of 2.3 is non-conservative relative to the standard set by 240.21(B)(2). We could instead apply the definition of "Voltage (Nominal)" and get a ratio of "480V to 208/120V". That's not a typical ratio, which is fitting given the complexities discussed. Taking the higher ratio of 480V to 120V is what the physics guides us toward.
So you've got two choices of interpretation: the NEC means 2.3 in your example, and 240.21(B)(3) is just less conservative than 240.21(B)(2), intentionally or unintentionally. Or the phrase is somewhat ambiguous, given the multiple definitions of voltage in Article 100 for different contexts, and so after some thought we choose the interpretation that is physics-based.
Proceed as you like, but when it's up to me, I'll make the conservative choice, and advocate for that. In the meantime, I should prepare a 2029 NEC PI. What term do you think would clearly indicate the ratio of 4.0 in your example?
My first thought is "worst case secondary-to-primary current ratio." Although looking at all the uses of the word ratio in the 2017 NEC, for some reason the NEC always refers to voltage ratios of transformers, rather than current ratios. So I wonder if "worst case primary-to-secondary voltage ratio" would be sufficiently clear and more likely to be accepted.
Cheers Wayne