As stated that's your opinion.
Given the definition of "voltage of a circuit," the only way for there to be a problem is if you consider the 4 conductors (A, B, Na, Nb), where loads are only connected A-Na and B-Nb, to be one circuit. Do you consider that one circuit? It's obviously two circuits, and each circuit is by the definition only 120V.
In fact, given that 240.4(A) says "A multiwire circuit shall be permitted to be considered as multiple circuits," I will go so far as to say that even if the conduit only contains an MWBC (A, B, N), if the MWBC only supplies 120V loads, we are therefore allowed to consider it as still two circuits, each of which would then be 120V. [And that we may simultaneously say that it is only one circuit for the purposes of applying 225.30. Win-win!]
IMO the reason that they want to keep it at no more than 120 volts with GFCI protection is incase someone hits it with a shovel.
You might be right, but they didn't write Table 300.5 in that fashion. We know the CMPs can generate language regarding the maximum voltage between conductors of possibly different circuits, see 404.8(B). They didn't do that here.
So I'll stick with the language written.
Cheers, Wayne