Fuses will not work for over voltage they are over current devices when used by themselves. MOV are voltage sensitive and will basically short the power and ground together in an attempt to absorb the surge, that shorting causes current to increase , and if the current increases long enough the fuse will blow. Fuses also serve another function besides blowing when a MOV clamps, they limit current for the entire supply. If something blows in the supply like a FET , the MOV will do nothing but the increase in current from the shorted FET will blow the fuse.
Years ago when I went to college they taught us to design power supplies that were current limited on the input using a resistor sized for the desired output, we also designed supplies so that individual circuits within the design had resistors limiting the power to those sub circuits, these supplies were very safe because regardless of what happened in the supply nothing could exceed the rated current. Now with everyone energy conscious they don't recommend these designs because of the power lost in the resistor.