I can normally navigate NEC fairly well with a bit of studying on the more complex issues but this one has me scratching my head wondering if I have this right.

I have a Class 2 circuit (not yet installed) for sensing and controlling a load. The sensing part must be routed through the raceway the power conductors for the load are using. The only power conductors in the raceway are for that load and another load on the same system.

NEC article 725 (IIRC) allows class 2 circuits to be reclassified as Class 1 circuits if they use 600V wire, have proper OCP. There is an exception that permits Class 1 circuits to share a raceway with power conductors if the 2 circuits are on the same system (or load, I can't recall). Does the 2nd set of conductors for a 2nd load on the same system cause problems?

If I have this right (and prior question doesn't nullify this), I can ensure proper OCP for my Class 2 circuit, use 600V wire (THWN), reclassify (and appropriately mark) the Circuit as Class 1, and route the sense & control wires through the same conduit.

Am I missing something?

Not a Sparky. Helped one for many years. As I recall, as long as conductors are properly rated as in your example, you should be GTG. Did it time and time again on Gate Operators and the like.