Well ain't that interesting. IMHO it conflicts with 322.22 for PVC conduit (and xxx.22 for most other raceways): "Cables shall be permitted to be installed where such use is not prohibited by the respective cable articles. The number of cables shall not exceed the allowable percentage fill specified in Table 1, Chapter 9"
============= The 2002 NEC change proposal (for xxx.22) came from the code writing panel and says very little about why the change was made. The explanation is the change "clarifies that cables, where permitted elsewhere in the code, are allowed to be used in a raceway." The language was later changed to "where such use is not prohibited".
============= From the NFPA/IAEI code changes book: Using raceways as isolated protective sleeves for cables was accepted in the past.
It appears that the proposal may be for raceways that are connected to the electrical system on one end. There are 2 examples shown.
One example is a box with a receptacle that has a conduit out the top and has a Romex run through the conduit into the box. The top of the conduit has a conversion fitting with a Romex connector. [It is common practice to use essentially the same arrangement, without the Romex connector, to protect exposed Romex.]
The other example is for one or more Romex runs into a panel through a conduit as allowed in 312.5-C. ===============
Seems like the application, as written, would be Table 1, Note 2 applies in general but 322.22 applies specifically to all uses of PVC conduit. But most raceways have an xxx.22 section, so I don't know what Note 2 applies to. Not likely that is what was intended.
If Table 1, Note 2 applies to all raceways that protect from physical damage that leaves isolated raceways, as used in this thread, covered by xxx.22 (which may or may not have been the intent).
This is unreasonable ambiguity. I guess the answer is ask the inspector.