Yeah, I think we're actually on the same page? But the way you worded that sounded like you were debating my points (which I think are the same as yours, basically.)
Anyway, I'd actually really like to see a game mode that adds some simulation aspects, makes the potential of dying something that adds tension, and increases the difficulty in engaging ways.
But for my tastes, this mode will do none of those things for me.
Bed-saving would just make me retread things I'd already done before I could get back to that one moment where it was difficult again. That sounds pretty boring to me, more than anything. It's not even really a penalty or something to be avoided - it would feel more like a nuisance to me. I'd like to see some penalty for death, sure. That could be interesting. But I really think this is one of the more arbitrary and least engaging ways to attempt to reach that goal. (And I won't even get into how I think managing meters is one of the least inventive and interesting ways to simulate survival aspects.)
Other things in that mode sound interesting - disease, fatigue, insomnia, etc. But this (and meters) would be a deal-breaker for me, if I'm being honest. I'm having enough fun with the game, so no huge loss for me - but I think it could possibly be a missed opportunity if that's the best Bethesda can do with this.