Deepwoken is totally worth it, be it either you’re a PvE or PvP player. Despite being regarded as a game meant to be played constantly with many elements encouraging it (Permadeath, Rougelike, MMORPG looting, dungeons,etc.) I find the game more fun to enjoy once in a while, when you really feel like playing Deepwoken.
There are complaints about ganking and frequent PvP but the game provides you many ways to avoid it completely, it just doesn’t outright tell you. Speaking from experience, if you know what you’re doing then permadeath is pretty nonexistent (just carry an Idol with you 
), gain neutral reputation with a few factions then pretty much no voidwalker can target you, get a few specific talents and learn some tips and tricks to avoid PvP completely, etc. The game done well in living up to its marketed style: Rougelike. The items you gain and retain from each life is temporary, the experience you gained is permanent; The more you know, the easier your next progression will be.
Despite all of that, I believe that your first prog will be the most impactful one. It’s a one time experience that brings forward Deepwoken most well-known core aspect, the exploration. Monsters, bosses, NPCs, sunken worlds lie beneath the waves,etc. it’s good stuff. While getting ass-blasted by those you’ve never encountered before might be frustrating, don’t tell me you don’t find in overcoming such obstacles a dopamine rush equals to that of when you perform some glitch-in-the-matrix stunt infront of a crowd.
If I have to make a comparison, while AO is a cut and polished diamond, Deepwoken is like a meteorite made out of gold that crashes into your house and takes your leg clean off. It’s frustrating, but there’s something peculiar about it.