Maybe so, but at that current level... are there that many faults that will trip the 500mA fuse at 120V input and could damage the hardware that wouldn't trip the 500mA fuse at 240V?
If you're relying on the fuse for more than simple short protection, maybe, but in that case you probably shouldn't be relying on just a fuse, right? It's a bit lazy, but it probably makes no difference in the vast majority of the failure modes where a fuse could protect against damage.