No. eleven doesn't die in stranger things
While Eleven and her "Father" initially maintain an uneasy alliance while collaborating to recover Eleven's talents and uncover Vecna's origins, Brenner ultimately betrays her. Brenner says Eleven isn't "fully prepared yet" and orders his men to handcuff Owens while he sedates Eleven and puts a power-inhabiting collar on her. Instead of letting Eleven and Doctor Owens leave for Hawkins, they were to stay.