I agree with everyone here.
In this day and age with infinite continues and checkpoints every two minutes, invulnerability items have kinda lost their purpose. They might be useful in combat-heavy areas and no-death runs, other than that.. who knows? We know nothing of how the game will design failure states. As long as its justified and the scarcity and challenge of collecting them is apparent, I bet invulnerability items (or the like) will be fun and rewarding to use.
(Just like in Banjo Kazooie