If the old fuse didn't trip in those seconds of horror, would a replaced fuse with half the current rating have saved things quickly enough? Considering that fuses may need quite a bit of extra current to blow within seconds...
Also, it depends on the circuit how good an effect such mains fuse adjustment has. E.g. if there are multiple power rails, and one of the lower power rails gets shorted (in a way where its electronics is self-limiting the current drain from the common power input), the total input current might not even get high enough to trip the main fuse ever.
Also, in some corner cases one may actually need to increase the fuse rating (or at least change it to a version that can handle higher short time energy), judging from warnings with some PSU units. Specifically, if inrush current is being a problem, as that peak current will typically double from the 115V to 230V change (e.g. from 40A to 80A).
Though in general, it should be a good start to change to half current rated fuse. It should be either safer that way, or at least no worse than before, and only in some rare case it might start blowing up instantly at turn on (in which case one can ask if the design was pushing the fuse too hard with inrush to begin with).