a lot of monster media has a hard time with balancing making their monster incredibly dangerous but also keeping the most important characters alive without it seeming like obvious plot armour
but i think the terror does a really great job--not just because they do allow it to kill a number of important characters, but because of the composition of the two scenes where tuunbaq is beaten
the first, in ep 5, is when tuunbaq chases blanky up the foremast, which, on the surface, seems like a very obvious case of plot armour. tuunbaq kills several other crewmen with incredible ease in that very same scene, but then blanky is spared long enough to escape from it, simply because he's an important character.
but that's not what's going on there. all of the easy deaths, so far, prior to this, have occurred on tuunbaq's territory. on flat ground, on the ice, and now tuunbaq is staking its claim on terror. but terror is still occupied, and blanky, especially, is a man who is more at home on a ship than land. tuunbaq is beaten, here, because blanky is playing with a home turf advantage. blanky does have armour, but it's not because he's an important character--it's because tuunbaq has invaded the space where he's most comfortable, and so he goes up, to where he knows a bear can still follow him, but it'll be exposed, and too heavy to follow him all the way.
and this show has done a great job of setting the stakes, already, by this point--the first time i watched this scene, even though blanky was so far surviving the confrontation, i was incredibly sure that he wasn't going to make it out. i thought for certain that he was going to have to sacrifice himself in order for them to hit tuunbaq with the cannon, and so it was deeply satisfying when he actually survived. i was so fucking happy, because i was already starting to get sad about him being dead, even though he wasn't dead yet, lol. it feels earned, when he makes it out, and fair enough that he loses a leg in the process, too.
the second, in the final episode, is i think a bit more obvious, and considering how many other major characters get torn apart, it doesn't feel quite so much like crozier has plot armour. but tuunbaq is once again beaten by using the things that are not native to its land, that tuunbaq isn't designed to deal with. the sick and poisoned flesh of the seamen it's already consumed, for one, and then the boat chain.
and, for the second time, in order to beat tuunbaq, a limb must be sacrificed--crozier's hand, i think, counts, even though he loses it after the confrontation is long over, because blanky only loses his leg properly after the fact as well. and i think this can be brought around to how tuunbaq's shaman must remove their own tongue to communicate with it--if one wishes to have any sort of dominance over tuunbaq, a part of their body must be given in exchange. silna and her father give their tongues, blanky gives his leg, and crozier gives his hand.
and it is emphasized through hickey's failure that tuunbaq cannot be controlled by the expeditioners. the colonizers. it can be beaten back, and suppressed, and killed, through sacrifice, but it cannot be harnessed. it belongs to silna's people, to the inuit, and cannot truly be taken away. the only way to beat it is by invading its home with foreign powers and losing something of yourself in the process.
tl;dr thomas blanky doesn't need plot armour because he's just that good /silly and also this show is just. awesome.