Your take on permanent death systems

Hi!
I'm a veteran master and I've been organizing games for almost 20 years. Surprisingly, I've never implemented a permanent death system on my games for players (npcs can die freely), even though the original games have it (Anima, D&D, Dark Heresy, you name it). The main reason I've had for this is that my usual tables are extremely against it, saying that they've invested too much in a character to just die if they're unlucky and, as it's unanimous, I've never tried to actively fight against it.

I've had mixed feelings about it tho, because it incentivates some problematic behaviors too, so I wanted to know your take about it. Do you add it to your games? You don't? Why?

Not having a death system on my games usually have:

Pros:

  • Players feel more invested in their characters if they know they're gonna have only one to progress during all the campaign (unless they have a very good reason to change, like not feeling confortable about them anymore). To my impression, if I allow them to freely change a character every time they make a bad decision, I end up with a table full of Bobblin the Goblins. Also I have some very sensitive players that I'm 300% sure will start crying and get serious sadness if they loose their 2y character (jokes aside, they're usually the most invested ones).
  • You can add "penalty systems" to prevent players to run towards death. Think about it like a Dark souls-like system with a hollowification effect. They usually pass out if their HPs get to zero and then wake up with some trauma (interpretative), debuffs (mostly temporal, unless they want otherwise) or missing the looting moment (so they actually miss something). This works... depending on the player.
  • You don't have to worry about extremely unlucky players or a critical failure during an important moment.

Cons:

  • I've found some of my players to become extremely reckless. They feel like they have this plot armor that allows them to make whatever they feel like with no consequences, so they always survive. As you can imagine this is extremely toxic and can affect the experience other players have about the game, as this type of behavior becomes pushy for them and annoying for me.
  • Incentivates the 'protagonist player'. This person that is on the table for the powerkink, to make big numbers, having a glasscanon that, as they can't technically die, can throw himself trying to kill everything and everyone. (And makes a combo with the previous problem)
  • The fear of death disappears. Meaning, players don't feel any pressure for making bad decisions or aggro-ing the baddies that, in a context with premadeath, they'll be wary of annoying (even disrespecting the Big Baddie on his face).
    • On the other hand, it enables my most shy players to actually try things -which is a good thing- but yet again the lack of pressure sometimes feels videogame-y and I have the impression that trivializes important decisions for the party, changing their behavior.

So, what do you think?
I've thinking about it for a while and I'd love to hear any insight you could share.

Thanks in advance!