The neutral wire is bonded to your GES, 12AWG will clear a fault for 100A. I have plugged in a defective toaster and managed to trip the 200A OCPD. That was a 15A circuit on a 15A OCPD with 14AWG NM-B Cable. I fully understand why it may be concerning, but as long as the corresponding ungrounded and grounded conductors are ran in the same conduit for both the feeder circuit and branch circuit and your feeder is protected by 100A OCPD and the branch circuit protected by 20A OCPD, and the GES and EGC are correctly bonded, I wouldn’t be concerned. I myself have used share conduit for feeders and branch circuits and never had an issue. That being said, our NFPA70 is written in blood. Often times a new code is written or clarified by the sacrifice of someone’s life or property. Being that the code has not addressed this as an issue, I’m to assume that critical events haven’t occurred from doing this. Personally, I’ll only do what I feel comfortable with.
Last night our neutral bus bar burned up on our 200A main/meter combo. The utility company allowed me to tie my Grounding Electrode Conductor directly to their messenger. In addition we tied our neutrals together and connected to the messenger. Is this the safest thing to do? Probably not the best, but I have to move a building out of the way to have a new pole put in: the utility company condemned our pole due to a lightning strike a month ago which is probably what damaged my neutral bus. Needless to say, I will sleep comfortably tonight without concern of my house burning down. It’s my place, there’s a licensed electrician on site at all times, ( our shop is here also), and I’m comfortable with the temporary solution.