VVVF Voltage Output

Yes, the RMS voltage output of a VVVF drive can be whatever you program it to be, UP TO the line input voltage, but not more (obviously). It's generally not a good idea to try to turn it down more than 50% of the line voltage for other complex reasons, and so many VFDs will not allow you to do so, but 380V maximum from a 525V input is not going to be a problem at all.

That said, be VERY careful about that input voltage. Most VFDs are made in 2 "Classes", a 240V class and a 400V class. 400V class VFDs typically have an input tolerance of 480V +10%, so the peak input voltage will be 528V. That means you will be at the ragged edge of acceptability. If your line rises any more than that, you could damage the VFD. If you want to be safe, buy a 600V rated VFD. They are a little more expensive, but it may be worth it in this case in the long run.

Also, make sure when you program the maximum output voltage to 380V (or whatever the motor maneplate voltage is), that you also check the frequency at which it meets that level. You will likely want it to be 50Hz.