NO.....the thermal cut-off is a one shot diode to prevent fire.....it blows when temp of 190*F (+) is sensed and shuts down all 12V DC power.
Excessive temp is usually due to blow back of main flame out of combustion chamber due to dirty/blockage in combustion/exhaust 'U' tube.
As a test....disconnect thermal cut off from t-stat and lead from control board (brown wire) and connect directly to t-stat. Test water heater......then get a new thermal cut-off and clean combustion chamber (run a wire thru/tie rag on and pull back thru 'U' tube)