With the cost of an isolating transformer for 5kVA plus i would buy a heating element and geyser every year and still come out ahead. In most cases electrode boilers are designed to have a good earth connection, as there will be current flow there. The most common use I have seen is a 3 phase unit used to make steam for use in a plant, where it uses a 380V 3 phase supply, at around 60A per phase, so as to generate a very fast reacting steam supply that is much smaller than a standard oil or coal burner, and without needing a large oil tank or coal bunker. They are meant for permanent installation, with a earth current monitor that will trip at the amp level, for phase faults.
For a domestic instant water heater it is more likely that it uses a high density heating element, with a spiral wound element exposed to the water flow. A short life for the element because of temperature cycling, and the actual resistance wire runs at probably close to white hot to get the heat flow across the MgO insulation high enough to heat water fast. The only domestic electrode boilers I have seen are clothes steamers, which need a salt dose to run, and which are double insulated, with water filling being done only when disconnected from the mains.