Drawn vertically which better shows light in parallel to fuse. When the fuse blows- circuit is no longer protected= bulb lights when track is powered indicating lack of protection at that point.
Replace both the fuse and the TVS when the fuse blows.
*****The fuse is NOT protecting the track from over current in this diagram****
The fuse is there so when/if the TVS fails shorted, then the fuse blows from the sustained high current, providing an indicator via the light bulb. Also, you want to use a relatively higher amperage fuse. One that would blow if the TVS remained shorted, but not so low as to blow prematurely. Again recommending probably 10-15A, maybe even 20A fuse value.