This is Tray Cable type TC-ER. It is a 4 conductor cable similar to NM but with no inner wrap and an insulated ground. This is labeled sunlight resistant and direct burial as crush resistant as MC (the ER part) but looking at 336.10 I don't see where it can be concealed in walls. If you take 336.10(5) to 725 I would expect to see some kind of CLxx rating on this cable. I didn't.
In real life I expect this is good or better than NM-b approaching UF but I am not finding the code that says it.
This may just be because the cable manufacturers don't want to bite into their other product lines so they have not had it evaluated. It does look like an interesting product tho.
I have never seen a mini split that came with the LV cable. The two I have are somewhat ambiguous about what kind of cable to use,. It just says follow the NEC or similar language.
Both seem to have been installed with 18ga CL2 cable to the air handler. The condensers are hooked to line power with THHN/THWN in carflex.