In my opinion, as the conductors from the generator to the panel are feeders, then that would apply.
I have seen existing installations where the conductors were sized like that, and presumably passed inspection. I just pulled an old Cummins out and replaced it with a Generac liquid cooled, and the existing wiring was sized like that and I happen to know the original installation was permitted.
However, I do not size them like that. I usually size my generator to be a little bit bigger than what is expected, but I want all of the capacity available.
It is my opinion that 310.12 addresses the fact that there is so much fluff in the load calcs, that it is so unlikely that everything in the house will be running at full capacity all at the same time, that this reduction is allowed.
In my opinion, a standby generator may be called upon to supply near its full capacity, so I do not size that way. And the minimal savings is not worth it to me.