There is merit in such protection. Although it's a bit rough and ready in rupturing accuracy compared to a modern circuit breaker it has no moving parts and it *will* work, eventually :) Where it falls down, a bit, is in long term minor overloads but these are quite rare events.
Were I to wire my own house again I rather think I'd put a wire fuse in series with each of the MCBs - belt and braces.
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"I beseech you in the bowels of Christ think it possible you may be mistaken"
Oliver Cromwell, 3rd August 1650 - in a letter to the General Assembly of the Kirk of Scotland