Tsushima carried higher immediate stakes for Japan than Trafalgar did for Britain

Was Tsushima a higher-stakes battle for Japan than Trafalgar was for Britain?

Yes. Britain had several further fleets available after a hypothetical Trafalgar defeat; Japan had no equivalent reserve behind Tsushima.

The panel notes that Nelson's defeat would still leave the Franco-Spanish fleet facing Britain's Western, Channel, and North Sea forces. Japan had no comparable succession of fleets behind the force at Tsushima. The contrast explains why superficially similar decisive victories could carry very different strategic risk.