Each player death removes time from the clock:
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Pit of Artificers has a Scaling Death Penalty – Diablo 4 Season 4 PTR
In Season 4 of Diablo 4, players will gain access to the Pit of Artificers, a new Endgame mechanic which pits players against the clock while fighting hordes of monsters. Slay enough in time, and you'll gain access to the final boss at the end - a mechanic incredibly similar in form to Diablo 3's Greater Rifts. This content shares a feature that punishes player deaths as well, however this penalty seems to be particularly unforgiving in Diablo 4.