Hi,
First: it doesn´t work.
It is not for AC, only for DC.
It is only for low currents.
It doesn´t care about inrush current of capacitove loads or motors.
It has some drawbacks that you didn´t mention in your initial post.
So it can´t replace a usual circuit breaker nor a polyfuse.
Maybe with some modifications it can work for you, but I doubt this will become some kind of "universal" circuit breaker.
***
A regulator can just generate a current limiter (with lot´s of disspated power), but not a latching circuit breaker.
Klaus