I had been considering making a fermentation chamber but finding the parts was proving difficult. However for that I had in mind something with a glass fronted door such as a beer fridge that use thermoelectric/peltier cooling. I hoped to find a none working one as the thermoelectric cooling elements do have a tendency to break/fail so I hoped to find such an item but finding one at a price I was willing to pay proved very difficult. All the ones listed on eBay are way over priced, many are sold as faulty and yet they are asking silly amounts of money of around 45 to 50% of retail cost. They might make very nice enclosures but not at that type of price.
I don't know whether that 200 W is a maximum power usage running at max temperature of 49C/120F. It probably is because at the minimum temperature of 21C/69.8F that would be around ambient so would require very little heating and virtually no power usage. However the common fermentation temperatures would require a fair bit of heating, although as you say,with insulation that could be cut down quite a bit. I do have an old broken convection/microwave which I could use and it has a glass semi see through door with a metal plate with holes in to block microwave energy which might be able to be removed. I could use that as it no longer works but the chamber is much smaller than I wanted and the microwave parts take up a fair bit of space which would be difficult to eliminate without damaging the case. The microwave parts could be stripped but apart from lightening the case, it won't change the bulk of it. Certainly not as ideally sized as a table top beer fridge in all respects.
I would like a large capacity so I can do large amounts of yoghurt at a time, a wide temperature range of around 20C/68F to high 40's C (46-47C/114.8-116.6F). A humidity regulator might help, maybe just an extraction fan to lower humidity inside the chamber depending upon a sensor. Having a flat upper roof to the chamber might cause condensation to drip into the ferments which I would not want so ideally it would be pitched so any condensation runs away, ideally back into the water tray.
Getting the parts for it is a big hurdle and I could do with a larger yoghurt maker very quickly. This seems such a "maybe one day" kind of idea.
Maybe wanting perfection when something simple and cheap might do the job even if it doesn't look so shop perfect.