Can't see the problem with using earthed metal capping so long as it could be confirmed that its copper equivalent csa was the same as or more than that required for that circuit. We use BS8436 cable which is essentially some T+E wrapped in some steel capping lol.
It's got nothing to do with whether or not the cable is protected from penetration by a nail or screw, it's got to do with whether or not there is an earth fault path other than the person hammering the nail into the wall and through the cable, which can withstand the fault current for any given duration.
The steel wire strands in an SWA don't protect the cable from damage, they earth anything slicing through it before it makes contact with one of the live conductors.