It seems like the worst is over, but it's not easy - Max is left blinded, with broken limbs, and ultimately in a coma after the attack from Vecna, which she may never wake up from. If her coma is because of Max's mind still being with Vecna, then it at least gives a path to properly bring her back, as Vecna and the Upside Down will presumably be defeated once and for all in Stranger Things season 5, since it's the last Since her introduction in season 2, Max has grown in importance and become a core part of the group thanks to her relationships with Lucas Sinclair and Eleven.
Having her alive but in a coma doesn't seem to be a viable option either, as it would be a waste of the character and actor, and if doing that then, again, having Max die would have made more sense. It wouldn't be possible for Eleven to use her powers to enter her mind since it would require something active to connect to, which raises the question of why she was able to resurrect her.
One that makes sense with Max's current condition is the fact that she can't find or reach her, which is a worrying sign. After being eaten by Vecna, her limbs snapped, and her heart stopped beating, Eleven was able to revive her from within Max's mind. Max is in a coma and Eleven is unable to find her in the Void at the end of the show.
It's possible that she became part of Vecna as a result of Max's death, which was used to open a gate. She was targeted by Vecna and survived thanks to Kate Bush's "Running Up That Hill (A Deal With God)" in the first volume of the series. In season 4, volume 2, Max is put in Vecna's sights again as she tries to lure him into the open where he can be killed. It won't be easy for Max to recover from what happened to her, and there will be some long term effects from that, but it does feel as though the show decided not to kill her off.
By the end of the final episode, there are a number of big reveals, a gutpunching death, and a major setup for the fifth season of Stranger Things. Buying themselves some time, keeping Max alive in a more non-committal way, but her link to Vecna would suggest she will return and play a key role in his ultimate defeat. If Max were going to die, why not kill her off?
The circumstances of her ending in Stranger Things season 4 give reason for optimism, even though Max being in a brain-dead coma isn't encouraging. Despite the bleak outlook, there is reason to be hopeful that Max won't die a second time.
That's the case more than ever in the fourth season of the show, which takes Max's role to new heights. There's little impact to be gained from having her die between the seasons of Stranger Things and later on from her injuries, which suggests there's a bigger plan in place.
Max died in the finale of Stranger Things for just over a minute. Eleven was able to revive Max's body, but his consciousness remained trapped in Vecna's red smoke area.
It doesn't all work out well for Eleven, who is able to resurrect Max. There are SPOILERS for the ninth episode of the fourth season of Stranger Things.
Is Max Mayfield going to die in the finale?