Speaking of hair dryers, that switching cycle rating might be entirely adequate for its application. Funny thing with safety / protection stuff is that high MTBF is more P2, while 'failing safe' is more P1.
Anyway, after I use my hair dryer lately, a few seconds after I set it down, I hear a distinct 'click'. If I remain, I'll soon hear another 'click'. It's operating too hot, and when the forced air cooling is shut down, the heat rise trips the OT thermal cutout switch, which then resets after just a bit of natural convection cooling. The intake grille is obstructed by dust accumulation, and I need to get off my rear and take it outside and clean the grille. The cobbler's kids got no shoes;-)