Cottonwood
Roadster#433, Model S#S37
This is not true.
The UL standard requires that the breaker trip within 2 hours at 135% of its current rating. It does not permit it to carry 40 amps "continuously" (although it could up to 2 hours).
As noted, a 30A breaker will not trip at 30.00001A. Sometimes it will trip at 28A if in direct sun in a small pedestal, or 50A after a few minutes.
Exactly!
The typical Thermal-Magnetic circuit breaker is an analog device that has a magnetic trip mechanism that will trip very quickly for very high (short-circuit) currents and a bi-metallic strip that takes time to heat up and trip the breaker at currents near the rated current. The higher the over-current, the quicker the trip. Also, because the bi-metallic strip has to heat up to trip the breaker, cold temperatures will let it carry more current for a longer time. For example, I believe that the requirement to trip in 2 hours with a 135% current is at a nominal ambient temperature. At lower temps, it will take more current and/or more time.
A good practical, introductory document on how circuit breakers work is at Basics of Circuit Breakers — Siemens Technical Education Program. For these discussions, jump ahead to page 17 and pages 26-27.