My experience is that as long as the valkyrie has stamina, she will cheat death. The only time I've had a valkyrie not cheat death was when her stamina was very low and probably brought to zero by the hit.
Being that I am reasonably free with allowing deaths, a recent party I had may provide an example
Near End of Game Statistics
Hobbit Samurai - 15 deaths
Dwarf Monk - 5 deaths
Hobbit Ninja - 6 deaths
Human Valkyrie - 0 deaths (but cheated death at least 6 or 7 times, and at least one time cheated twice in the same battle , although I had woken her with smelling salts before she cheated death the second time)
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