God Mode? I think that a five minute timer on that is fine. Currently its awful expensive to buy it, equivalent to 5 days of voting. so you can turn on godmode once every 5 days unless you’re Bane. ha.
With thend being what it is, and so easy to get to, godmode really isn’t necessary. I think that yes, it sucks to lose your stuff. It makes me mad when it happens. I would tend to agree that its gamebreaking if you can just turn it on. Go spend a few minutes and enchant a new set of gear, all the while cursing yourself for playing hopscotch over lava.
Flying is another matter. I love flying. I use it to travel and to make large, vertical builds, and to correct errors that would have been too much of a pain in the ass to go fix once the build is done. I’d fly all the time if I could. Its not as fast as riding a horse, and its very useful.