Trying to visualize what you are saying. If I understand you to mean that there is a 360 amp has got 2-2” nipples into a 200 amp disconnect then nippled to another 200 amp disconnect. Each set we’ll say is 4/0 one terminating in the disconnect then exiting into a panel say inside the house. The other service conductors using the disconnect as a raceway pass through into the next 200 amp disconnect. If the disconnect is indeed an extension of the raceway to contain the second 200 amp service conductors. It would violate 230.7 that says conductors other than service conductors cannot be installed in the same raceway or cable. The disconnect equaling raceway May be subject to definition but definitely no if ever in same conduit if one is fused and the other unfused. I would lean to it is not allowed and would need a separate raceway altogether from the meter to the individual panels.
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