Are you sure it’s a diode, and not a thermal fuse or PTC thermistor?
If it’s really a diode, it would cut the power in half. It’s possible they use the same heating element in countries with lower mains voltage. For example to turn a 15w 120v iron into a 30w 240v iron. If you used the same element without a diode it would dissipate 4x the power at 2x the voltage, and likely melt if there wasn’t another component limiting current.
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