Homeowners typically use this setting because the overwhelming majority do not understand the mechanical systems in their homes.
The typical configuration for a steam boiler or hydronic heating is a single pair of wires. They are either closed (heat on) or open (heat off). That's it.
I worked in the HVAC industry. My comment is pedantic because it is correct.
You're completely ignoring the difference between an unattended vs. attended fire. The former has a much higher risk of being destructive and spreading to the structure.
The "off" setting explicitly won't trigger in response to temperature change unattended, which is a similar concern to internet-connected thermostats; unattended operation. For those living in freezing climates they obviously must weigh the relative risks. That first use of the furnace in winter was always a monitored event back when I lived with parents in the midwest, and it was often accompanied by a burning smell we'd investigate and verify was just some dust and nothing serious.
Even if you refuse to acknowledge there's a difference in unattended vs. attended fire risks WRT the furnace, unexpected energy costs from continuously heating an unoccupied home can break the bank for some.
Even my Harman/Kardon amplifier's manual advises unplugging it when going on vacation because of the risk of it spuriously turning on wasting electricity and being a noise problem. Its capacity to waste energy (~1kw) is nowhere near that of a gas furnace, and it clearly doesn't utilize combustion as part of its normal operation.
Fortunately I no longer live anywhere burst pipes are a concern, and I'd never leave a heater setup to automatically run in my absence. It makes zero sense for my situation.
I find it amusing that you're qualifying statements with "well-maintained", which amounts to a tacit recognition of the risks. Well-maintained isn't the default, ignored and neglected is, especially for systems out of sight and out of mind.
https://totalph.ca/should-i-turn-my-furnace-off-before-i-go-...
Not only is your comment pedantic, it's not even correct.