I'd say that provided the GM is decent, that's fair enough to say. However, not every GM is decent. A GM can technically sieze control of a character's fate at any time, and at that point the player doesn't have much of a choice other than roll with it, or take their dice and go home. It's simply that a good GM won't abuse that power.
There was one game I played in (Gamma World using the 4e ruleset) where in the first session the mission was to track down an alien artifact. We knew we weren't the only ones hunting for it. We managed to retrieve the artifact, but a high level BBEG showed up and used an AOE stun to disable most of the party members. (However, he didn't manage to land it on everyone, so he used it again in the second round (it was at-will).) He then absconded with the artifact.
Now, this is technically within the GM's power to do. It was just so heavy handed and off-putting that I simply walked away from the table then and there, having no more desire to play that campaign.
There was no risk of death. Nothing bad happened to our characters. All that happened was that we lost the McGuffin, which is undoubtedly what was supposed to happen so that the GM's plot could continue as he intended it to. Yet it felt so extremely unfair that it killed my desire to play. I didn't (and still don't) believe that any choices or rolls could have altered that outcome.