I would say you have to select the fuse that protects the wire you are using.
You can also have a situation where 400a switchgear is wired with an ampacity of 250a (or some lower number) and as long as the appropriate fuse is used, that is legal. As far as I am concerned this may be a problem because, if that fuse blows, you know the "handyman" will put a 300 in it or whatever fits. I questioned this in a proposal (to the 99 I think, maybe 2002) just to get their take on it and they said, basically, we only inspect to what is installed at the time we inspect and you can't do anything about unqualified people coming along later and overfusing. I suppose that was not the same CMP that came up with the type S requirement