Like most game design decisions, I think it can be executed well and poorly. I think it's important to make conditions if the player DOES win, but not make it easy by any stretch and most will die.
The very beginning of Devil May Cry 5 you 100% are and almost definitely will die to the first boss, who's the main antagonist of the game and in story you're supposed to lose to him (and they do so through gameplay). However, it's actually not impossible to beat him, and you can go back later and do it with upgrades once you've beaten the game more easily, but if you beat the main villain right at the start of the game they do a little "easter egg" alternate ending since you've beaten the big bad before the events of the game, a text message springs up that they all lived in peace as they vanquished the evil, and the game ends.
I like that example, and there's others I am fond of. I think execution needs to be played very carefully to make this work, however.