I won't speak to the newer Legacy PM. But I do not believe the original PM have protection. And if they do it is not fast acting. When PM were sold separately to be used with PW transformers, the connection harness had an external fuse in the harness. Typical old style car fuse type. When it was sold as a set with the Power House. It is the Power House that has the circuit breaker built in, and the one that pops. You press back in to reset. Even my ZW-C bricks trip first.
So I am fairly certain you are not protected. Not sure what MR is stating, but he may be talking about the combination set up. G
@GGG thought you'd find this event interesting. I had what I believe was a voltage spike or such happen this past Sunday. I noticed after the fact that I had not insulated my new yard (on separate block) from the mainline but had, like a dummy, put a metal pin in the center rail of the switch leading to the yard.
The engine on the mainline wouldn't move. Heard a pop over by the transformers. Moved the engine to another loop and it was fine. Phew!
Checked the transformer and it was OK, but no light on the power master, so I'm thinking it's dead. Connected it to another transformer and found it was fine.
So what popped? The fuse in the harness connecting the transformer to the power master popped. I had forgotten to mention in our discussion above that there were fuses already in the harnesses connecting the PMs to the transformers . Sure, perhaps Mike R. is right that there's a fast acting circuit breaker in the power master, but you were also right in that those fuses are valuable items. I had 'em, just forgot to mention.
There ARE other harnesses available without the fuses. I received one with one of the power masters I purchased, but it looked odd to me. Someone else here advised me not to use them (likely for the reasons you cited above).
So, in the end, you were right! Glad I'm only out $18 for a replacement harness!