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If it's safe, then you won't lose your ship. If it's dangerous then yeah, gonna lose your ship and cargo in it. There are ways of losing your ship in PvE activities, however there are restoration tickets available to recover said lost ship. I personally haven't looked to see how frequent you can obtain those, I just know one is available as a mission reward after a certain point.
That said I personally haven't experienced "death" yet, but outside of ship loss (if it qualifies for that) then I suppose you also go back to your home station. Don't know if implants on your character are lost on death though.
You can't set an orbit range despite weapons have different ranges, and my personally my only issue with the game.
If you have access to the Mall I'd suggest looking at the ships there since there isn't a ship list. It seems like there's Combat and Sniper variants for weapons, so it's really a matter of finding an assault-focused ship for the most damage, or whatever kind of ship you're looking for.
The research that benefits your play-style and ships you're using.
You can 'rat' by using your daily wormhole entries or doing "quests", like using your encounters probe in a system. The higher the prosperity level of a system, the better the rewards and missions. You can also buy a scanner for your ship to find pirate hideouts, ship wrecks, or mining spots, however if used in a low prosperity system you will be penalized. So I'd recommend doing this in a less traveled system (you can use the map to look at what the activity level of systems look like to choose where you want to do your activities in).
A lot of this can be better explained on the official Discord:
https://discord.gg/3s7CtyC
Ahh thank you so much for the answers! Didn't know they had an official discord :)