At those values the power dissipated by the part is "only" 73W. Actually the part is "package limited" to 195 A because bonding wires can't take it.
I am not sure how they come up with 375W but here is a simple calculation: The package's thermal resistance is 40 C/W when mounted on a 1 inchsq 1 ounce copper pad (I usually don't even have that much area but multi-layer helps) so if you limit junction to 150 C, the max one can do is 3.75W which comes out to ~38 Amps.