Interesting. I'm surprised, especially being in a 240v country that your sets wouldn't have fuses!
I know a shunt can 'burn out' if there's too many dead bulbs (too much current)
...
Actually a single fuse is technically way less reliable in higher voltage environment, so a fuse may be viable option for 120V strings, for 230V it wont help that muc, unless it would be some high grade one (so more expensive).
Plus such fuses "have the tendency to stop protecting" after it blows the first time. The reason is, the user will very likely not have the proper fuse so use some wire of Al foil "fix".
The fuses are really there just to make an excuse for lawers, they are in no way expected to be the main protection against the cascade failure.
What is used and actually works is the shunts being actually a kind of resistors in series with a brake-over device (all in the form of a ceramic like material). When the filament is OK, the voltage does not reach the breakover voltage, so the resistor is disconnected. Once the filament breaks, the voltage has to exceed the trippoing voltage for the breakover device to turn ON. But it turns off at every zero cross again, so next halfwave needs the voltage again.
Now when many bulbs burn out, the breakover voltage of the shunts adds up, so they turn ON at higher voltage. If too many lamps burn out, the mains voltage becomes insufficient to trigger all the shunts in series, so they remain off.
At home burned down from a Christmass tree the lawers blamed there was no fuse so it "must have been the failing lights to cause the fire". And not the sparkler that used to be hung on the tree regularly...
The Christmass fire statistics here are quite "interresting":
Iconic Christmass picture: A family with burning sparkles hanging on a tree behind them. That is, what I remember from my childhood too.
Usually a dozen trees burnt down so nothing is left from them every year (sometimes taking the complete home with it, fortunatelly often with just limited damage).
But all the reports list "failed electrical lighting" as the "most probable cause". Not a single "careless use of open fire" when tree burns down (dont get me wrong, open fire is sometimes blamed, but only with the "advent wreath" fires where it catches fire from the candles).
Now you want me to believe the lights are really the culprit to blame...