And if/when equal size wires are used, it means less voltage drop in the wires, and thus less lost power.
Stop right there. The 120 V system is made to provide higher maximum current. It does not push more current through a given object. I=V/R, and the resistance of a European person is not significantly different than that of an American person. The higher voltage will push higher current through your body, and is (as far as I know) more likely to kill you. I don't know about the cardiac signal frequency aspect, but the notion that it more than makes up for doubling the current passing through those muscles and nerves does not pass the smell test for me.
Yes, I know I could be wrong, but that sounds like it belongs in the same file as fan death.
Don't. Don't ever get over that feeling. That feeling helps keep you alive.
The rating is 600V (if you've read it right, which I'm ready to assume). But as you know, there are derating factors, safety factors, etc. I don't know if European household wiring needs 1200 V rated wire, but I wouldn't say "600 is plenty more than 240, so it's fine.)