Going deeper. If you lost the neutral wire, then the devices connected to H1 and the devices connected to H2 would effectively be wired in series. As such, if the impedance of the devices on H1 was EXACTLY the same as the impedance of the devices on H2, there would be no damage to the devices on loss of neutral. In such a case, there would be no flow thru neutral even if the connection was intact. A basic voltage divider splitting the voltage of 120 vac to each side.
Now, if the impedance of the devices on H1 was twice the impedence of the devices on H2, then H1 would be hit with 160 vac and H2 would only get 80 vac. Of course 160 vac is enough to fry 120 vac rated devices.
You would not get the full 240 vac on any devices on loss of neutral unless the total impedence on one hot leg or the other was zero, or essentially a dead short.
:B