1/ All RPGs are effectively "wanking" from a genuine risk perspective; and
2/ There are plenty of kinds of risks that are NOT PC-death.
You've spotted the former, but somehow missed the latter.
If by "genuine risk" you mean bodily risk to the participants, I would hope so. That doesn't mean that some games do not offer more risk than others, or that the "non-genuine risk" -- the risk you mention in your point 2 -- are co-equal.
(And I do not agree that this risk is really "non-genuine".....it is genuine risk which is not risk of bodily harm.)
It is obviously possible to have a game where there is no PC death, but there is genuine risk. When MtG allowed the winner to take cards from the losers, that certainly offered genuine risk.
But, just to be clear here, we are talking specifically about protection from a specific form of risk, where that protection involves "stepping down" the risk from a final form (PC death/TPK) to one which, to the participants, is "more interesting" but is certainly offers less risk.......just as a game which allows the same chance of PC death, but allows no means to restore the dead, is inherently more risky than the same game with Raise Dead added.
I've seen this exact turn of phrase used in another thread as a strawman. Why must everyone be lying?
I doubt they are.
If a group of people state "A is B", but you deny that "A is B", then you are also denying that these people are making a true statement. If they are not making a true statement, it is either through error (they are mistaken) or through intent (they are lying).
And that is why it isn't a strawman.
If a group of people state "A is B", and you are neither willing to believe them mistaken or lying, then the converse statement, "A is not B", must be viewed as suspect.
Regarding TPK as a "real risk" while everything else isn't: imagine your whole 18th level party just lost all their magical gear, contacts, and political clout. How is that NOT just as bad as a TPK?
Well, I can't answer for everyone, but apparently some folks lose their game over the TPK, but not over the equipment, contacts, and clout. Moreover, it is presumably easier to replace/restore equipment, contacts, and clout than it is to restore the TPKed (and, possibly, consumed) party.
Finally, if the gear has value X, the contacts value Y, the clout value Z, and the lives value A, then losing the party entails losing X + Y + Z + A, whereas losing everything else but staying alive entails losing only X + Y + Z. That's simply the math of it.
In the case of a single character dying, where the character is restored with all equipment, contacts, and clout intact, it might well be better to die and come back than it is to live and lose everything. If, of course, and only if, everything is actually lost, and if, and only if, you actually are restored.
RC