This analysis only applies to a steady state current. As the current on the system can go from 0 to the maximum load, if you use a tap to adjust the voltage at maximum load, the voltage at 0 current will be correspondingly higher. For extreme cases, or with multiple transformers in series, it could be too high.
So I think the point you were responding to was saying that in enforcing the energy code maximum 5% total voltage drop from the service to the load, the voltage drops on each conductor in the chain are added, without respect to the transformers and their tap settings. Which makes sense for an energy code, as any voltage drop on a conductor represents I2*R heating, even if it later compensated for.
Someone earlier commented that 5% seems conservative as the window between allowed service voltage and allowable utilization voltage is wider. But if the 5% represents only the conductors, then the extra width of that voltage window may used for voltage drop in transformers and other components.
As to the 3% voltage drop guideline, that comes from NEC 210.19(A) Informational Note 4 and 215.2(A) Informational Note 2. They each suggest that the branch circuit and the feeder should individually be sized for at most 3% voltage drop, with a total of at most 5% voltage drop between them.
Cheers, Wayne