We have to debate the word 'breaking' as in the opening of a knife switch, as opposed to 'de-energizing' all conductors.
Yes, there is no physical disconnection of the grounded conductors, but there also is no voltage potential within the fictious panel.
As I said above, "seems to, sort of'. Would I accept this setup IF prsented on a set of PE/EE signed and sealed plans? I cannot say that I would or would not at this time.
Note that in the 2011 this section was modified to:
514.11 Circuit Disconnects.
(A) General. Each circuit leading to or through dispensing
equipment, including all associated power, communications,
data, and video circuits, and equipment for remote pumping
systems, shall be provided with a clearly identified and readily
accessible switch or other approved means, located remote
from the dispensing devices, to disconnect simultaneously
from the source of supply, all conductors of the circuits, including
the grounded conductor, if any.
The wording "or other approved means" IMHO will result with a manufactured control panel that will 'kill' everything within the dispensers.