You're correct, but this system, because of it's rarity and especially when it's delivered with that 4th wire, can still make a seasoned journeyman scratch his head. The 4th wire confused the hell out of me the first time I came across it. I agree it's an equipment grounding conductor, identified green and bonded at the service enclosure. It's ENTIRELY unnecessary, however, as it's nothing more than a redundant B Phase. It's no different than if the POCO supplied an EGC as a 5th wire in a WYE system and connected it to the neutral at their transformer. They don't, 'cause everyone knows to bond the neutral at the service. Apparently not so with the corner grounded system, so the 4th wire (the EGC/redundant B-phase grounded conductor) is provided as insurance.
B Phase is a grounded conductor, not a neutral, but still must be identified white or grey as per NEC 200.6 in the service enclosure and throughout the system. B-Phase at the weatherhead for a 480-volt corner grounded delta, at least according to SDG&E (our poco), must be identified RED. So white on one end and red on the other. Also, since B phase is a grounded conductor, it should be bonded to the GEC at the service enclosure, right? But not if the POCO supplies the 4th wire (redundant B phase), which they're not required to do. But it still can't be fused.
The diagram below shows, IMO, a better way for the utility to provide this system. Call a spade a spade, bond the grounded phase at the service enclosure and eliminate the 4th wire.