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You are completely correct, and that's why there's a repair kit available. Sometimes they fail in the open condition for an unknown reason, and are a bear to trace town to a failed component.
However, if they activate because they're just doing their job, i.e. bypassing a severe restriction in the cooling circuit, there's a reason the cooling circuit is restricted, and that almost always means "crud". Crud can't be something like normal wear and tear, it means something is coming apart and causing the crud to be deposited in the cooling circuit.
A HUGE exception to all of this, and the reason a lot of folks mis-understand the way the bypass works is:
In severe cold, (SEVERE COLD!!!), the ATF can gell and causes this restriction.