The only enforceable code that limits your voltage drop (for a circuit that isn't a fire pump) is the energy code (NYC 2020 ECC C405.9). There is nothing in the NEC that says you need to limit your voltage drop to 3% (not sure where you are getting 3%), but the energy code requires 5% total across your branch circuits/feeders. The rationale behind the voltage drop is to save energy through minimizing wire losses.
As stated by other posters, equipment is rated for a voltage range, so there shouldn't be concerns with under/overvoltage as long as the voltage drop requirement of the energy code is met.
I don't think that means what you think it means. All that is trying to say is transformer taps cannot be used to "zero-out" the voltage drop that occurs before/after a transformer.
For example, if the voltage drop on the feeder to the primary of a transformer is calculated to be 2.5%, the taps may not be used to "reset" the voltage drop to 0%. In that specific scenario, all wires on the secondary of the transformer must be sized to limit voltage drop to the 2.5% that is left from the 5%. Note that the voltage drop calculation on the secondary of the transformer would use the nominal voltage of the secondary of the transformer (because transformer taps). However, this specific scenario also assumes the feeder for the transformer is coming from a source that is at 0% voltage drop. Hopefully you see why you don't need to consider the transformer?
I'm not following what you are trying to convey. A transformer fed from a feeder, the VD on the HV side of the transformer has a 2.5% drop, so be it. On the LV side transformer terminals, assuming nominal tap, the VD will be 2.5% + the VD through the transformer so lets say 3%. You can easily select the appropriate HV side tap to adjust the voltage back to or near the rated nominal value. Further, if you have an additional VD to the bus from the LV side of the transformer, for example, another 2.5%, you can adjust the taps such that you are back to near nominal.
The taps simply change the turns ratio of the transformer. As an example - given a 13.8KV HV side and a 480V LV side, the turns ratio is HV/LV = 28.75. Standard taps are +2.5%, +5%, nominal, -2.5% and +5%. Typically stated as +/- 2 x 2.5%. Transformers can be ordered with other tap changes and tap changer devices. The taps are typically on the higher voltage side because higher voltage for the same KVA/MVA means less current, so cheaper to build. Thus when you adjust the tap to the -2.5% you are now saying the transformer essentially has a HV side of 13.46KV. The turns ration now becomes HV/LV = 28.05, so when you put the rated 13.8KV on the HV side the voltage on the LV side (no load) is 492V. But the VD from the feeders to the LV terminals is 3%, (in our example) so the voltage is going to measure around 492/1.03 = 477.7V. To account for the 2-3% from the LV terminals to the Bus/load you can use the -5% tap, which means; doing the calc, voltage at the Bus/Load would be around 477.4V, very desirable on a 480V system.
Using taps is very practical but often overlooked outside of industrial facilities. In the design of a power generation facility we typically would buy transformers with a nominal voltage of of 492V or even 504V to account for VD. Then use taps to fine tune the voltage.
Hope this helps some understand this a little better.