Adding random isolation layers for no reason does no increase safety (*), so ignore all advice about magical transformers.
(*) if you don't understand where the dangers are, reducing them to smaller area is not that helpful, because the risk is still there; for example, if you isolate the power but forget to isolate the voltage measurement signal and then assume "the power side is safe because it's isolated", you have a classical example of false sense of security.
Without isolation, the circuitry in whole is simply like any mains wiring, with the related creepage, clearance distances and IP ratings to user accessible parts. Possibly warning notes if that is deemed beneficial to avoid false assumptions.
Isolation is needed when you have to interface with SELV / human touchable stuff, but not all electronics need this; LED lightbulbs and simple AVRs (voltage regulators, not the microcontroller brand) are perfect examples. LED lightbulb does not have interfacing at all, and a simple AVR usually just a potentiometer where you can use a plastic shaft (similar to master/slave switches, which also are non-isolated and use plastic shaft potentiometers for adjustment).
If you are making a product, reading the relevant standards (to your legislation) is a pretty good idea, so that you will know more exactly what kind of distances, casing and markings are needed for a compliant product.