Yes,with a system having the Neutral side earthed either at the inlet to the building,or at some other specified point,it is common practice to connect the metal cabinet of a device to earth.
Assuming this kind of connection,with the fuse in the Active,if there was a breakdown of insulation between the Active & the device cabinet,the fuse would blow,
If the fuse is in the Neutral side,it will not blow,& you would be relying upon the building fuse,which may be much slower than the device fuse,with resultant risk of fire.
Fuses sometimes fail from "old age".
If it is in the Neutral side,this may cause wiring which you would reasonably expect to be at a low voltage w.r.t.earth to be at,or near the full Active potential,making troubleshooting more hazardous.
For instance,a lightbulb with a blown fuse in the Neutral---you would get a shock by touching the Neutral side of the lamp connection.
There are other "gotchas"---240v AC in North America is supplied by means of a centre-tapped pole transformer.
Both pins are 120v "hot" w.r.t earth.
Equipment for such use often has a fuse in each leg.
Such equipment is compatible with UK,Aust,NZ,EU use,except:-
(1) In Australia,it is against the regulations to fuse the Neutral (obviously one side of the 240v supply is Neutral in Oz)
That said,I've seen plenty of such devices around.
(2) EMI filtering on the NA device may contain capacitors from each leg to earth,which although adequately rated in the intended service,with 120v across them,may not be satisfactory in Australian service with approx zero volts across one set of caps & 240V across the other.