This is not only possible in theory, but also in practice.

Yes, the sensors are, but the connections for the power supply of the Shelly itself and for the potentials of the phases should be connected behind a 'normal' fuse. If in doubt, consult an electrician.
BTW Depending on the network operator and electricity meter, you may also receive the encryption key to read the electricity meter directly via the serial interface (RJ-11). I do this with EKZ, for example.

Jupp kannst du 🤗