Fire Emblem's permadeath works because you usually have multiple characters that fulfil a specific role, so if your primary archer dies then you can use another one, but their stats will typically be worse overall and they'll be a lower level too. That's if you choose not to reload, of course. As punishment for failing to think strategically, it works, and if you do reload you have to play the entire chapter again to avoid your mistakes. It's a direct response for the player failing to think critically and tactically about unit placement, but it also gives you all the information you need to make those decisions. You can see enemy attack ranges, their equipment and their stats easily, and the same rules of the weapons triangle, the trinity of magic (in titles that have that) and weapon effectiveness that apply to you also apply to your enemies in the exact same way. If you leave your pegasus knight in range of three archers and they die because archers > fliers, that's entirely on you because you didn't pay enough attention to the game's systems and information and should be punished for it.
However, in a standard JRPG, I'd hate this. The usual 4-member limit means that you likely will not have the ability to replace these characters in the same way you could with Fire Emblem, and in addition, enemy stats are usually a lot more obfuscated than in strategy games. RNG is also a huge factor, while you can see the critical chance of an enemy in FE, this is hidden in RPGs, and an unlucky critical that you had no idea was coming could ruin your game. Forcing a new character to start at level 1 again would be way too much of a time investement as well - if you're at the final boss at level 80 and get unlucky with its speed, a critical hit or whatever, then you now have to train your character up 79 levels to stand a chance again.