A resistive electric heater can be PWM'ed to provide variable output. If you want to maintain a narrow temperature band, you can do that better by feeding the water temperature into your PID loop and have it control the PWM duty cycle, rather than to a simple on-off thermostat.
My temperature controlled kettle does a way-more-than-optimal amount of switching when it's near the setpoint. That's consistent with using a PID controller into a PWM input.
Maybe there is a market opportunity for a water boiler that uses control techniques better suited to on/off inputs :)