if that one grounded conductor is lifted while two loads are running from the split duplex receptacle outlets, the neutral side of the receptacles floats and voltages on the loads will be a function of an impedance based voltage divider, i.e., a concern.
And I think that's where you are confused.
The rule does not say "where the grounded conductor is lifted"
Yes, you are correct, if you "lift" the neutral that's what will happen no doubt and probably would in any other scenario other than the Original Post.
But, the rule mentions nothing about working things hot, nor should it.
Read what the rule says.
Where the
"Removal of such device" would interrupt the continuity.
The grounded conductor is not a device. It is a conductor.
If the receptacle (or device) was removed in the OP's scenario, hopefully with the power shut off, and the wires that were terminated to the receptacle were left in the box and capped off , As Dave put it, "Nothing bad would happen downstream on that red circuit that used to come from that receptacle when the circuit was turned back on.
If there were something downstream of it on the red circuit , it simply wouldn't work, but, it wouldn't burn up.
You'd have to go back to the box where the receptacle was removed and wire nut the grounded conductor back to the incoming grounded conductor to get your stuff back on.
Now, with that said there are many wiring scenarios where you would burn things up if you simply removed the device by itself. but, not in this one.
Removal of this device (which is the receptacle itself) would take away any chance of a 240v series load ever happening.
JAP>