If the short circuit is made when the AC voltage is at the zero crossing point then at that instant of time there is no current flow. Then as the voltage increases the current through the now established short circuit will increase until at some point it is enough to trip the magnetic trip in the MCB. Provided the cutters that created the short circuit can withstand the high fault current for a few milliseconds ( until the MCB opens ) then little if any metal will be vaporised and hence no "explosion".
But far too many variables to say what will happen in reality.
But far too many variables to say what will happen in reality.