Just to elaborate on this: the notion that the stakes must be character death, if they are to be more than nothing at all, is ridiculous.
From time to time I play the Prince Valiant RPG. As the rules say, normally death is not an important part of Prince Valiant. But we have had many epic combats - jousts; skirmishes; battles in which the PCs lead their warband against enemy forces; battles in which the PCs intervene in others' conflicts, trying to tip things one way or the other. The PCs have assaulted castles, had castle they're defending fallen, led their warband to victory, and sometimes suffered the ignominy of defeat.
None of this was changed by the fact that "normally death is not an important part of Prince Valiant".
More recently, I've played quite a bit of Torchbearer 2e. Normally, in Torchbearer, death is not on the line. For a non-combat situation, the GM has to overtly put death on the line, and that is only permissible if certain preconditions (pertaining to a PC's depleted status) are satisfied. I very rarely do this - I can't remember the last time that I did.
In combat situations, a conflict is expressly characterised as a Capture, Kill or Drive-Off conflict, and only the middle one of those puts death on the line. My players mostly enter combat with the goal of capturing or driving off their enemies; and when I initiate combat as a GM, kill is very far from my default go-to.
The fact that death is not normally on the line does not stop physical action being exciting and consequential. The PCs in my game have been captured by bandits and pirates, driven into dark tunnels by Orcs, led by a tricksy Troll deep into the heart of the Troll Fens, enervated by dark spirits, shot by crossbow bolts, and more.
I realise that D&D's combat resolution system is probably not as powerful, in its fictional scope, as either of the two RPGs that I've mentioned. But it's not so attenuated that things must be death or nothing.