"It would surprise me it that is the correct interpretation of the law, but I don't know."
The answer to your question is buried in the convoluted worksheets W and X on Pub 974. "Worksheet W. Figuring the Limit on the Self-Employed Health Insurance Deduction for Specified Premiums" is found starting on page 59.
"Worksheet X. Figuring Household Income and the Repayment Limitation" starts on page 60.
If you look closely (like on line 9 on Worksheet W and line 4 on Worksheet X), the contribution to your 401(k) plan appears here. In the pages that follow, there are additional worksheets that show the additional interaction of the Premium Tax Credit and the self-employed health insurance deduction, which results in determining what the amount of Premium Tax Credit you are allowed to take.
In short, it is plausible (but you would have to work through all these worksheets) that the increase in the contribution to the 401(k) could eventually cut off your Premium Tax Credit.
I wish I could point to a simple explanation, but this is what we have.
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