My compressor, welder, grinder and most equipment I can think of have breakers or fuses on them. It's not uncommon for the breaker on my compressor to trip when I start it up in cold weather and the oil is thick. The only thing I have that's not protected on the machine is an old two wheel grinder but, I have a feeling I could reach the switch before I burst into flames. ��
My work place is in a strick city and we are inspected often. Fire, electric code, hazmat, etc. There are no special interpretations of code or "blind eyes turned".
If running a low power device on a higher capacity circuit were as dangerous as you think, we would need dozens of different dedicated outlets in our homes. I'd need a circuit for the single LED night light that draws milliamps, a 2 amp circuit to charge my phone and so on.