Very rarely, it can be much worse: since the supply is a 240VCT transformer, if the neutral comes loose for some reason (say, improper, faulty, or damaged wiring), more load on one side than the other will shift the neutral voltage, browning out one side and overvolting the other. UL 1449 for example covers this.
Neutral or PEN faults are, if not common, very not-non-existing in the countryside here, and a regular-ish issue on TN-C-S distribution systems. Most of the electronics, lightbulbs etc. blowing up is least of the problems; dying is worse, much more dangerous is that PE and N are connected together at the distribution box, so with phases present without the PEN conductor, now every "earthed" metal surface is at a possibly high potential, through the low impedance of the connected loads. Instructions how to handle this situation go along the lines, "when you see some of your lightbulbs glowing dim and others very brightly, you are experiencing a neutral fault. Take a long non-conductive object, for example a log of wood, to carefully turn off the main switch in your metal-case distribution box. Don't touch any device or any metal object, or you die. Alternatively, go sit in the middle of the room and sob."