What device can replace a fuse?

I'm curious to know, what device can serve as a suitable replacement for a fuse in an electrical circuit? Are there any modern alternatives that offer enhanced safety features or improved performance compared to traditional fuses? Additionally, could you elaborate on the benefits and drawbacks of using these alternative devices, as well as any special considerations that need to be taken into account when making a substitution? I'm particularly interested in hearing about the types of applications where these replacements might be most suitable.