To phrase the question differently: if we were to remove termination-checking and the guardedness condition on uses of inductive and coinductive data types, respectively, would there cease to be a fundamental difference between inductive/coinductive and fix/cofix?
By "fundamental difference" I mean a difference in the core calculus of Coq–not differences in things like syntax and proof search.
This seems to ultimately boil down to a question about the Calculus of Constructions.
Note: I know a theorem prover that skipped termination-checking/guardedness of recursion/corecursion could prove False
–so, if it helps, please take this as a question about non-total programming rather than proving.