Off the tip of the hat...
A simple, cheap IR camera you hang over your bench (or where ever). It, much like an IR fire sensor but a little more touchy, will look for heat spots. If a heat spot gets above a certain temp, it raises an alarm.
How cheap can you make it and how effective would it be?
It's ... something that might light up a few seconds before you smell the magic smoke about to release... it might save you from what I did last week and ... touch the MCU to see how hot was while shorted and consuming about 20W.
A 60*C orange light. 80*C Falshing orange. 100*C auidble alarm say. All adjustable.
Note. The MCU was NOT 60*C, or 80*C... it's was Awwwwww fuc....!!! hot and 3 days heeling.