If you have access to an IR thermometer, it would be interesting to verify what the actual temperature is. I doubt the hot end actually reaches that temperature, but:
- if it actually does, then it could actually be dangerous, as most extruders are designed for temperatures well below 300°C. The problem would likely be in the firmware in this case.
- if it stays cold, then probably is a problem with the temperature probe or its cables/connectors being broken. Most printers use thermistors as temperature probes, and thermistors let less and less current pass through the higher the temperature is, so: no current would be interpreted as the hot end being "extremely hot" and the firmware would not heat the hot end further.
- if it is hot but at another temperature than the one displayed, then it could either be a problem with the probe over-reading or a firmware bug (e.g.: the temperature is shown in Fahrenheit, or the firmware mis-process the signal from the probe).
Either way: thermistors and cables are cheap to replace, while problems with the firmware may be fixed only if you have access to the code.
If you just bought the printer in a physical store, I would simply swap it with another unit, rather than fiddling with it, though.