I think your example of 300 W / 7 h and 200 W / 11h is a good one and I think in that example either would work fine. The electricity consumption is about the same and the time running is reasonable. A heater 100% on for months on end seems like it would overwork the heater. A 200 W heater in a 10 gallon tank seems unreasonable at the other end of the spectrum because should the heater malfunction and stay on, the fish would be dead before you discovered the problem.
I have 4 Jagers that I bought between 10 and 18 years ago and they are still running fine. I must say though, I have always had more heaters than tanks, so some of those heaters have not been used continuously. The last heater I bought was an Eheim Jager 300 W four years ago; it was the last new heater I had purchased in many years. Some claim the new ones are not as good, but it has been used since date of purchase with no problems.
That being said, I don' t wait until my hot water tank is leaking in the basement before I replace it and don't wait until my car battery fails and strands me on the highway, so maybe I should replace some of these really old heaters before they quit or or won't turn off while I am on a two week vacation.
I did a study of heaters and electricity costs a few years ago and posted it on this forum. You may find it interesting. I will try to quote it here or put in a link. I have not done that before so here it goes:
https://www.monsterfishkeepers.com/forums/threads/tank-electricity-costs-–-especially-heaters.710490/
You are very lucky with a very low rate per kilowatt !!. I pay 21 cents per kilowatt. The 75 gallon tank in my basement has a 300 watt heater that costs $ 13.23 per month to run. It is on 7 hours a day during winter months. With the other equipment added, it cost almost 19 dollars a month. I would like to add a couple more tanks...issue it lack of bandwidth in the basement to handle more electrical load. I also have to use a strong pump to handle a 50 foot run to the laundry sink on the first floor.