A lot of European countries use type F outlets that are not polarized, i.e. you can plug in both orientations. This means that there is a big risk (50%) to invert live and neutral. Is that not a major safety hazard?
Yes, it's a challenge for the equipment designer, particularly novices. They must design their equipment to sufficiently protect the user expecting either pole to be "live", or use the earthing/grounding pin to ground equipment.
I see all sorts of homebrew electronics designs where they directly electrically connect the neutral AC power to their low voltage stuff, and they're like "it's safe, it's neutral". And then they plug it into a Schuko, and 50/50 chance! (mind you that's not safe anywhere - electronics should usually be fully isolated from AC mains - best to use a listed/approved "wall wart" power supply rather than trying to roll your own).
AC mains power is wired like an "isolated system" with both legs (supply and return) wired individually - nothing is "common". However, to enhance safety, one of the legs is bonded to earth - this is done for a bunch of reasons. That conductor then gets a special name: "Neutral" to reflect that if everything is working properly, neutral's voltage will be near earth. That's a big "if", so neutral wires are still insulated.
This neutral-earth bond is done in exactly one place. If it was done in 2 or more places, the earth wire would become an alternate path for neutral, and that would be bad.
On this warm assumption about neutral's low danger, the neutral wire is not circuit breaker protected and does not go through common switches. Some breakers switch neutral, but there is no overcurrent protection on neutral. You could pull 1000 A on that neutral and the breaker would not know or care.
Why does this (usually) work? Beause of what I said above about AC mains being wired as an isolated system. Current from any live wire should return only on its partner neutral wire. Therefore, the neutral would only be overloaded if the partner live is overloaded, and a circuit breaker protects that. If someone were foolish and used neutral as a "common" for multiple live circuits, all bets are off.*
* Except for MWBCs, which are this right here, or the equivalent in 3-phase (where again the neutral can't draw more than the highest phase wire).