old Weller WTCP2 solder station has a max temp of 450°F
While those numbers certainly sound like they should be in Celsius, I'll take your word that it at least says Fahrenheit. That would still be a usable temperature range, but just for very small and highly sensitive work. 

I've definitely dropped my iron into the low-mid 400's for some micro SMD and 40+AWG wiring tasks. You'd also need 0.015" wire or solder paste, if not just reflowing a joint. It's rare, but not completely unheard of. 

No idea why it would have a range below the melting point of solder though (361F for 63/37). If that's not just a typo on the label, it would be a nearly useless iron 99% of the time. 

In regards to your claim of 700F being the right setting for most solder, I do almost all of my work between 550F-650F with 0.031" 63/37 wire. If you regularly have to get anywhere near 700, you might want to invest in some better flux and solder and/or double check your technique.