That's the way it appears to me, the feed through lugs is a splice point in the feeder, with a tap point to feed the local buss in the panel.
Tap rules are applied in the panel, the internal buss is right after the tap, and is limited to the 125A with a maximum of six breakers, all grouped together. And the breakers and outlets are factory provided and installed to comply with the tap and protection rules.
Appears to comply with the tap rules as constructed, how else would the product get listed.
Specifications
• UL-listed 125 Amps, 120/240 VAC—1Ø power outlet.
• Short circuit current withstand rating 10,000 RMS symmetrical amperes.
• NEMA 3R welded enclosure for durable outdoor use.
• Enclosure constructed with galvanized 16-gauge steel.
• ANSI 61 gray polyester powder coat finish.
• Convenient concentric knockout configurations and mounting embosses.
• Hub opening with closure plate allows for meter retrofit.
• Wire terminations accept copper or aluminum conductors for loop feed wiring.
• Line: (2) 1/0-#12 Ground: (2) 1/0-#14 and (4) #6-#14 Neutral: (2) 1/0-#14 and (4) #6-#14
• Six circuit plated copper interior accepts standard plug-in type circuit breakers. Rated up to 125 Amps.
• Three position self-grounded receptacle bridge accepts most standard NEMA receptacles with mounting plates.
• Components factory wired with stranded copper wire.
• Lockable hinge cover and deadfront are removable for installation and maintenance. Stay-open hinge cover has safety
interlock on deadfront. Deadfront cover must be removed before hinge cover can be removed.
Please consult serving utility for their requirements prior to ordering or installing, as specifications and approvals vary by
utility, and may require local electrical inspector approval. All installations must be installed by a licensed electrician and must
comply with all national and local codes, laws and regulations. Milbank reserves the right to make changes in specifications
and features shown without notice or obligation.