Depends on other building codes, where it is, and the finish of the cavity it is in. See Annex E. The shaded stuff is permitted, I think, depending on what you call "Combustable"?
(And who's string in the building department gets pulled! And what type they want to call the building, or parts of it. Something I see a lot of where I'm at lately. First floor commercial type I, mixed type III, IV, and V for a few floors, type II, and I again. SF hasn't hit 2002 yet, and we don't know how they will modify it, but it makes you wonder in situations like those, how do you bid?)
Other than that confusing ball of wax, it is a combustable material in my mind, and say no! I have argued this one before with someone else, and personally I think the NEC muddied the waters on this, instead of making it in any way clear one way or the other in the way this was written. It's not spelled out in the "Permitted", or in the "Not Permitted".
The NEC commentary does not clear it up either:
A well-established means of codifying fire protection and fire safety requirements is to classify buildings by types of construction, based on materials used for the structural elements and the degree of fire resistance afforded by each element. The five fundamental construction types used by the model building codes are Type I (fire resistive), Type II (noncombustible), Type III (combination of combustible and noncombustible), Type IV (heavy timber), and Type V (wood frame). Types I and II basically require all structural elements to be noncombustible, whereas Types III, IV, and V allow some or all of the structural elements to be combustible (wood).
The selection of building construction types is regulated by the building code, based on the occupancy, height, and area of the building. The local code official or the architect for a building project can be consulted to determine the minimum allowable (permitted) construction type for the building under consideration. When a building of a selected height (in feet or stories above grade) and area is permitted to be built of combustible construction (i.e., Types III, IV, or V), the installation of nonmetallic sheathed cable is permitted. The common areas (corridors) and incidental and subordinate uses (laundry rooms, lounge rooms, etc.) that serve a multifamily dwelling occupancy are also considered part of the multifamily occupancy, thereby allowing the use of nonmetallic sheathed cable in those areas.
If a building is to be of noncombustible construction (i.e., Type I or II) by the owner's choice, even though the building code would permit combustible construction, the building is allowed to be wired with nonmetallic sheathed cable. In such an instance, nonmetallic sheathed cable may be installed in the noncombustible building because the Code would have permitted the building to be of combustible construction.
Annex E provides charts and other explanatory information to assist the user in understanding and categorizing the exact types of construction under consideration. A table to cross reference building types to the various building code types of construction is provided in Annex E also.