The most common and most likely answer to this crossword clue is the 3 plus 3 plus 5 letter word CAP AND BELLS
I've seen this crossword clue in The Times
C
A
P
A
N
D
B
E
L
L
S
Buddy explains!
The straight part
We know that "Only a fool would assume this" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case only a fool would assume this = cap and bells.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.