Can Romex (NM-B) be run in conduit for more than 10 ft when starting from the breaker panel?
After some reading, the interpretation in the question is correct.

In every edition of the NEC since 2002 when the clause was introduced, you cannot run NM-B in conduit for more than 10ft if the conduit run starts at a cabinet, cutout box, or meter socket enclosure -- this includes "breaker panels".