If the open circuit occurs at the point I've marked with a red cross, the full primary voltage will appear at the load.
Thanks, now I see it.
I was thinking in terms of the load circuit being open, not the actual transformer winding. I was also considering what happens when feeding with split phase 120/240 and
one of the fuses opens. In both those cases appears fairly benign.
A healthy sized MOV @ the load, rated just over the lower tapped voltage will cover an open circuited transformer winding scenario.