Heating peanut oil does not cause it to become partially hydrogenated, as hydrogen does not separate from the oil at high temperatures. Instead, oxidation of the oil's double bonds can occur, potentially leading to rancidity, especially when water is introduced during frying. Concerns about health risks primarily arise from the rapid temperature changes and moisture during cooking rather than the heating process itself. The process of hydrogenation is industrial and requires specific conditions, including catalysts and high pressures, which are not present in typical frying scenarios. Overall, the discussion highlights that while oxidation can affect oil quality, the fear of hydrogenation from frying is largely unfounded.