Yes, things can be much more scary and feel more emotionally draining from the realism. But keep in mind that field of view is an adjustable variable in the game so an over the shoulder camera would not bring anything new to the table other than objectification of the character. The trouble with this is when you have "normal" people with an objectified character losing their emotional attachment and becoming less roleplayer and more "the ends justify the means" playstyle.
The main issue is probably my stupid low tolerance to large amounts of direct sensory information. I quite literally end up sometimes feeling too stressed out and barraged by information to do things in-game when they're too "in your face" (hence, why I've never killed another player). I really don't need to be in first-person to be in the "perspective of the character", and in fact most of my dreams are movie-like and in third person. Seeing things from a first-person perspective just makes me more stressed out unless it's just me IRL.
And I think it's safe to say that people already play in a fairly pronounced "the ends justify the means" playstyle. People go around killing people for money and money alone without any other reason behind it, rerolling characters for statistical reasons, only eating tried-and-tested food that will sustain their weight instead of branching out, etc. We have characters named sexual innuendos and characters with last names like "Crymore".
I don't think the majority of people are playing anything but an "ends justify the means" playstyle.