I've always figured any device containing a capacitor would fry some part of the board when water short circuited it. Wrong thinking?
The other thing is that the capacitor would need to somehow be shorted to a component it wasn’t supposed to… instead of just itself. Shorting to itself is relatively safe (although might result in a pop and some arcing).
For something like a toaster (especially the old school ones with just a dial to control toast degree) they’re all mechanical contrivances. No electronics to speak of.