Water can only get so hot, water in pan, pan can only get as hot as water. Water gone, pan can now get hotter, triggering the off switch.
Ps:magnets lose their magnetism when exposed to heat. Many rice cookers use this as the trigger. When the bowl gets too hot the magnet loses charge and gravity breaks the connection.
When there is water in the rice cooker, the temperature of the water and rice cannot exceed 212F/100C. Once the water has evaporated and/or been absorbed, the temperature of the rice can now rise above that temperature. So, I assume a rice cooker has a thermometer that is sensing the temperature. It is likely sensing the temp of the metal bowl, but regardless, it will be at a rather constant temp while there is still water in the bowl. But once that water is gone, the temperature will rise.
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