Since the VD specs are in percentages as long as you are working under 600 V this is not true. 5% is the rule whether it’s 120, 240, 480, or 600. At medium voltage the standards change a little bit but the principles are the same.
The biggest difference is that as cable sizes get above about #6 the reactance rather than the resistance starts driving things but the end result is the same. At 480 V a VD of 5% or 24 V is recommended while it is only 6 V at 120 V. UL and NEMA call for equipment to be designed to operate at 5% lower than the distribution voltage and to tolerate +10% / -15% and CBEMA recommends a much wider range for short time periods.