No. 90 amps only. You're getting your information from the wrong chart or sources. Look it up for yourself, it's on table 310.15(B)(16) aluminum section 75C column.
Nope. All due respect, you've been misled by wire salesmen.
#1 simple error, you selected 120V, nobody runs
[email protected], you run 240V (voltage drop being a reason).
#2 ampacity. Even in the People's Republic of Canada, you only have to calculate based on known actual load, or 80% of the feeder, whatever is less.
#3 target percentage. Canada requires 3%, yes. But in the US we don't require "nanny breakers" like that and we can breaker to actual wire ampacity. E.G. 1/0 wire can take a 125A breaker (since with feeder you round up).
In the US you can run any voltage drop you are comfortable with. The only option I see for an AHJ to intervene is if you're doing something just crazy like running equipment outside its spec.
For instance even your calculation came out to 3.22%. In America we have the freedom to call that good enough, which it really is. I have high hopes that our Canadian buds would see it that way too when it's so close.