And if the primary were protected at not more than 250%, then it would be more accurate to say that the total of the multiple panel main c/bs cannot exceed the allowable value for a single OCPD (rather than just 125% of the secondary amperage.)
For example, with a 45kVA xfmr (124.9A secondary, 1.25*124.9A=156.1A) you could install two 50A mcb panels and one 75A mcb panel. The total of the mcbs would exceed 125% of the secondary current, but would not exceed the allowable value of a single OCPD (175A).