The fuse is of course intended as a weak link. And in terms of sound quality its a very minor player.So, from your experience, you don’t see a fuse as a weak link (in terms of sound quality in the electrical circuit) until it’s heating up and about to blow?
You can measure the voltage drop across a fuse holder, and you will find (if you cause your hand to move to do the required actions) that the voltage drop corresponds to the differences you hear. Often that has more to do with how well the fuse actually fits in the holder rather than if its boutique or not. As long as the power supplies are able to function properly in the circuit (for example in our MP-1 preamp, which has all of its supplies regulated and all of which don't drop out until the AC line gets below about 105V) the fuse will impose no sound.
So the takeaway is that if you hear the sound of the fuse (and its not simply expectation bias, which has to be considered) it suggests that a power supply or supplies in the the unit under audition is unregulated.
Fun facts dept.:
We discovered audible fuse and power cord issues about 33 years ago. So in 1990, when designing our flagship amp (our MA-2, a 220 Watt class A triode OTL) we designed the fuse system and internal wiring to minimize its effect. To this end, the amp employs dual power cords for the supplies in the amp, and FMA-style fuses which have far better contacts on the fuse and also in the holder (which also exerts far more pressure on the fuse contacts). In effect, we had our own boutique fuses before any such thing existed.