No, the thermal fuse just controls the broil element.
Looking at the wiring diagram:
The bake circuit is L1 , CON2-4 , K4 relay , CON2-7 , bake element , CON4-3 , K5 relay , CON4-1 , L2
The broil circuit is L1 , CON2-4 , K3 relay , CON2-1 , bake element , thermal fuse , CON4-3 , K5 relay , CON4-1 , L2