Well, being able to come back and fight again (or have another go at that pirate lord, or have another opportunity to collect that blueprint you need to complete a mission) aren't inherently bad mechanics. The game already frustrates some people enough to make them rage quit despite the lack of consequences.
Arcadish, unreal...? Sure, it's a little arcadish in places, it's a game, and much of the game is very shallow.
But - One thing to consider, and it's a large part of what is enthusing you right now. The game world, the Milky Way galaxy is in fact a scale model (let's say interpretation) of the real thing. The stars, planets and space stations that you can see from your ship are to scale. 1 : 1! That's a phenomenally impressive feat, and with Horizons and Odyssey you can actually land on some of those lifesize planets and either drive or walk on them!
And the graphics and art work (if not the performance) are outstanding, so I'd say that for most of us, it's going to be the best way we get to experience space and space travel.

I'd suggest you try it in VR (it's probably what has kept me playing for so long), but unfortunately support for that is dissipating, so just enjoy it on your monitor.