A fuse "knows" only a few things: The voltage on each of its terminals, the current flowing through it, and the temperature. It has no way of knowing the wattage being dissipated by another part of its circuit, and it has no reference to determine its voltage relative to anything else. It has resistance. If it didn't it would never blow. That resistance, I believe, will go up as the fuse's internal temperature goes up. In a high voltage circuit the fuse's heat-driven change in resistance will be insignificant. In a low voltage circuit, a small resistance change can significantly affect the current flow. Could it be that in a lower voltage circuit the fuse heats up and acts as a current limiter, stabilizing in the state of very close to blowing but not going over the edge?