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Hi, yes that is a thermal cutout switch, (TCO), is is closed (has continuity until a certain temp is reached and then it opens to kill power to whatever it supplied power to) so yes, here is a video that shows how to test one with a meter, its not a stove cutout but its still the same).
DIAGRAM - Here is the wiring diagram for that model , as you can see coming from the out position of the control board the line should have voltage all the way to the elements, the only thing that would cause the break in voltage to the elements is that thermal cutout, as you can see in the diagram is should have continuity, its a safety so that if the oven overheats it kills the power to the elements that is the only point in time that thermal cut out should not have continuity, so I do not know what to tell you about getting two bad ones. Also here is the video I linked - VIDEO