While it seems a simple question, the answers are very complicated.
Fuses have several advantaged over MCB/MCCB:
- Much lower maximum let-through energy
- Easier to achieve selectivity
- Lower one-off cost
- Generally higher maximum break capacity (e.g. BS88 fuses are often around 50kA or more, most MCB around 6-15kA, and few MCCB at/above 50kA)
But of course MCB/MCCB have other advantages:
- Lower let-through energy at medium fault currents (in the ~1kA PFC range where you have just entered the "instantaneous" trip region)
- Can be reset by non-skilled people
- Can be used safely to break/make under load
- No risk of accidental replacement with wrong value
Cascading MCB leads to poor selectivity: basically the upstream breaker's magnetic trip is often already well underway before the downstream MCB's contacts have opened enough. MCCB, at least the fancy expensive electronic types, can have a bit of a delay to achieve good selectivity with downstream MCBs trip characteristics.
Fuses, due to their smooth trip current/time curves, etc, find it easier to achieve selective with around a 2:1 rating difference (e.g. a 16A fuse down from a 32A fuse will
always blow first) and even with the let-through behaviour of MCBs, still achieve acceptable selectivity for most combinations of MCB & PFC value.
So the TL;DR answer is: Fuses are far better, for a given cost, as an upstream OCPD choice.
If you have a spare half hour you might want to watch this semi-sales video:
View: https://www.youtube.com/watch?v=3dckmSgp1nw
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Fuses also, generally, allow a higher Zs.
I forgot to mention that, please don't take my "Fuse appreciation society" badge away"!
Basically as you get to fault currents that blow a fuse in under tens of seconds the fusing time decreases
very rapidly with increasing PFC. So for a given disconnection time requirement (whether 5s or 0.4s) you will generally find a fuse can meet it at a higher Zs (i.e. lower PFC) than a MCB, even though the MCB will trip quicker than the fuse when looking at lower overload levels that take minutes to clear.