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#05AB1E, 61 bytes

•1∞Γ'иÛnuÞ\₂…•Ž8вв€SÐ)v.•6#&‘нδ•u3ôNèyè}'M3L×)Rεõš}`3Fâ}€˜JIå

Try it online or verify all test cases.

Explanation:

•1∞Γ'иÛnuÞ\₂…•             '# Push compressed integer 397940501547566186191992778
              Ž8в           # Push compressed integer 2112
                 в          # Convert the integer to Base-2112 as list:
                            #  [1,11,111,12,2,21,211,2111,10]
€S                          # Convert each number to a list of digits
  Ð                         # Triplicate this list
   )                        # And wrap it into a list of lists (of lists)
    v                       # Loop `y` over each these three lists:
     .•6#&‘нδ•              #  Push compressed string "xivcxlmcd"
              u             #  Uppercased
               3ô           #  And split into parts of size 3: ["XIV","CXL","MCD"]
     Nè                     #  Use the loop index to get the current part
       yè                   #  And index the list of lists of digits into this string
    }'M                    '# After the loop: push "M"
       3L                   # Push list [1,2,3]
         ×                  # Repeat the "M" that many times: ["M","MM","MMM"]
          )                 # Wrap all lists on the stack into a list:
                            # [[["I"],["I","I"],["I","I","I"],["I","V"],["V"],["V","I"],["V","I","I"],["V","I","I","I"],["I","X"]],[["X"],["X","X"],["X","X","X"],["X","L"],["L"],["L","X"],["L","X","X"],["L","X","X","X"],["X","C"]],[["C"],["C","C"],["C","C","C"],["C","D"],["D"],["D","C"],["D","C","C"],["D","C","C","C"],["C","M"]],["M","MM","MMM"]]
           R                # Reverse this list
            εõš}            # Prepend an empty string "" before each inner list
                `           # Push the four lists onto the stack
                 3F         # Loop 3 times:
                   â        #  Take the cartesian product of the two top lists
                    }€˜     # After the loop: flatten each inner list
                       J    # Join each inner list together to a single string
                        Iå  # And check if the input is in this list
                            # (after which the result is output implicitly)

See this 05AB1E tip of mine (sections How to compress strings not part of the dictionary?, How to compress large integers?, and How to compress integer lists?) to understand why:

• •1∞Γ'иÛnuÞ\₂…• is 397940501547566186191992778
• Ž8в is 2112
• •1∞Γ'иÛnuÞ\₂…•Ž8вв is [1,11,111,12,2,21,211,2111,10]
• .•6#&‘нδ• is "xivcxlmcd"