@difowler44 This is a wording game that allows some flexibility regarding the location of disconnection devices and the location of the service ground-neutral bond.
The power company supplies the hot(s) and the grounded circuit conductor. In the service equipment the roles of EGC (safety ground) and grounded circuit conductor (neutral) are separated out. In many ways the service equipment is the point where we switch from power company rules to NEC rules. Lots of other details, but the key factor is splitting the EGC and neutral at the service equipment.
An 'emergency disconnect' is a disconnect on the outside of the structure. If you put the service equipment on the outside of the building then it can qualify as the emergency disconnect.
However if you want to put the service equipment inside the building, then you may place an emergency disconnect outside, and continue with dual purpose grounded conductor inside to the service equipment.
Under the old rules, if you wanted a disconnect outside of the building it would have to be the service equipment, and you would have to run separate ground and neutral from this point into the building.
Jon