OK so if I've understood correctly bearing in mind I'm just a paranoid homeowner.
There's nothing wrong with being paranoid when one is talking about potential risks to life!
Faulty earthed device with live metal case, I touch it and also touch unearthed CH loop, the electric flows to earth through the earthed faulty device
As has been said, it it really is earthed, then it can only become 'live' for a fraction of a second, until the MCB trips. It's incredibly unlikely that someone would touch it during that 'window' of just a few milliseconds.
A far better example would be if someone touched a live conductor (e.g. due to a damaged vacuum cleaner lead) and also touched an 'unearthed CH loop'. Since the CH pipes are not earthed, there is no path through which current can flow, so no shock.
Faulty earthed device with live metal case, I touch it and also touch an earthed CH loop, the electric flows to earth through me and the earthed pipes
Indeed so.
So isolated bits of metal are better to be not connected electrically with the earth,...
Exactly, at least in relation to the sort of scenario we are considering.
As others have pointed out, there are other theoretical situations in which connecting bits of metal to earth (whether in the name of 'earthing' or 'bonding') can reduce risks. It's therefore a matter of 'swings and roundabouts', such that one has to make a 'risk assessment as regards which of the two types of situation is the more likely. I've expressed my personal view that, in general, the risk caused by 'unnecessarily' connecting bits of metal to earth outweighs the theoretical downside of doing that, but others may disagree.
.... so theres less likelyhood of me completing a circuit between a faulty device and the earth if I touch them both at the same time?
Essentially yes (EFLI has given a somewhat more detailed explanation).
Indeed, if one of the things you touch is not (electrically) connected to anything (earth or otherwise), it's not merely a case of "less likelihood of you completing a circuit" but, in fact, zero likelihood, since there can be no 'circuit'.
Hope that helps!
Kind Regards, John