What kind of fuse response do you want? The three questions to ask are always:
1. What clears the fuse -- overcurrent, fault current, energy, time, etc.?
2. How much current shall be permitted? At some point, any semiconductor switch you use, will be yanked out of saturation. Is that healthy for it, and will it survive given (1)?
3. How does it trip and reset? Automatic, time or temperature? Manual?
Incidentally, a common naive mistake in the analog implementation is to use a comparator, and nothing else: this seems like a consequence of sequential thinking, "if <current exceeds threshold>, then <turn off the switch>" -- sounds convincing, even, but once the switch is off, current immediately falls below threshold and turns back on, right? Oh...
Not that this would be a problem with a digitally controlled sensor, or any more than usual in a sequential (programming) environment. 1-3 are still fully applicable, however.
Remember, semiconductors die on the order of 100µs. (Conventional) fuses, 10ms. If the response rate of that sensor is around 1ms, what pray tell are you going to do for the other nine semiconductor deaths? Well, you better have an analog solution to keep it alive in that time.
Tim