Your error is that your estimates for fusing ignores that music is a dynamic signal, rarely reaching max power for extended periods.
Some amp designers take that into account when fusing their amps.
Fuse Opening Time: A fuse does not blow when the current reaches its rated current. It is designed to pass its rated current without opening. A fuse will take varying times to blow under different conditions. A fuse will pass significantly more than its rated current for a very short time. It may take 10 minutes or more to blow a fuse at 25% over its rated current. The table below is an example of the specifications for a slow blow fuse. You can see that a 20 amp fuse may pass 40 amps of current for as long as 5 minutes before blowing although it probably wouldn't take a full 5 minutes to blow. The times for other fuses will be slightly different.
http://www.bcae1.com/
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