To me it is easier to visualize the excitation on the high side but you can put it on the low side as well. But, the point that I get from it is that everything thing has to either pass through as excitation branch or go through the relays. Looking at it using sequence components I beleive helps becuase it shows that the ungrounded ct voltage will swing out to whatever develops across the ct and that all three cts will be pushed into saturation because of the shared neutral being allowed to swing out to something close to the open ct voltage. IMHO, the relays will only see zero sequence current through capacitive grounding of the circuit or when the insulation breaks down someplace. That is why I beleive all or almost all the the zero sequence current passes through the excitation branch and never makes it to the relay. Basically, it screens out that component.
All the cts I beleive are saturated close to equally due to all three phases being connected with to the grounded relay circuit and having a common neutral that is swinging out. So, I don't think it has anything to do with one relay saturating before or more than the others.
I suppose it depends on the ct but when I look at the C800 curves, the slope levels out but it still has to go pretty far before it is below the relays burden, which with electronic relays and cables I imagine might be just a few ohms. So, to me it makes sense why the positive and negative sequence currents go to the relay and not through the excitation branch.
I suppose I can model it in ATP-EMTP sometime to prove it this week.