Yes, no consequence/risk = no value.
Immortality would provide you with plenty of consequences.
As for Immortality there is so many ways it can go, I'm not sure what we are talking about.
- How long do you keep your memories ? (Forever ?)
- Are you stuck at a certain age ?
- Can you choose the age you are stuck at ?
- How long do you keep your knowledge ?
- Can you regrow your body, or are you stuck with the one you have ? So you get more and more broken as you go along ? (Star Trek style)
- When can you reproduce ? All the time or just at the beginning of your lifespan?
- Does it make you sterile ?
That's a few caveats
As for making life meaningless, I'm not so sure, It takes most people a lifetime to get their shit together.
Most people don't even accomplish that.
If Death is that important to give life meaning, I guess Stone age people had more meaningful life that we did.
Dying left and right for no reason whatsoever at any age and with the permanent threat of death over their heads.
Let me tell you about the first ideal of a pretty great series of books.
Life before death. Strength before weakness. Journey before destination