So, you have 'set' the temperature to 200c, but once you switch it on it gets red hot. Ok, so what does the display 'read' when its getting hotter? is it rising as expected?
If that is rising high, then it means the thermal sensor is probably fine, it is responding to temperature. So the fault would likely be the triac as mentioned already.
I see no triac device on the PCB.. Is there an external triac connected to the control board? Maybe bolted to the metal case?
If the 'read' temperature is not changing while it heats up, then this is likely a sensor fault in the iron tip. Or the cables / plug from the iron to base.