Partly, but also to protect in cases like having the volume turned up when a cable is (accidentally) pulled, another component is switched off or generates a loud pop for whatever reason (I have a cable box that will glitch occasionally), or if the amplifier itself fails. Not all amplifiers have robust speaker protection built in, and there is always the chance of the protection circuit failure (who guards the guardian?)I never understood the value of a fuses in loudspeakers. Is it to prevent over driving the speakers from someone reckless with the volume knob?
I have had several amplifiers in the past that would short the power supply rail to the speaker terminals when an output device shorted. Speakers tend to dislike having 100+ V of DC applied long-term.