5e has a nice thick buffer between "players have a legitimate fear their character will die" and "character death". Which is exactly as I want it. It's not hard to instill fear of death as long as the DM goes along with the expectations they developed the system with, especially 6-8 encounters with ~2 short rests per long rest.
The problem for me is that the expectations they developed the system with don't fit my DMing style. I want to vary the pacing, and I never reach 6-8 on a regular basis, much less have as many days with more than 6-8 encounters as days with fewer than 6-8 encounters. Even when you increase encounter deadliness, it does not linearly increase (non-HP) resource attrition.
So, as running as designed 5e can instill fear of death without being too close to actual death that's one bad roll and it's over. BUT, no one runs it as designed because the assumptions are out-of-whack. So instead most games are run on easy mode without the DM even realizing they are. Even if the DM is taking steps not to, because they aren't actually tweaking the right knobs (such as fewer character resources per day) to correct it.