When a noun has an non-gradable meaning (it is either something or it is not) we cannot use "no" + noun.
A potato is not a fruit.
A potato is no fruit.
When a noun has a gradable meaning, "no" + noun means the same as "not a/an" + noun:
It's no secret that we are interested. (=It's not a secret. A
secret is gradable. Something can be more of a secret than something
else.)
In the context you have provided I suppose that one can give only an opinion on how a Nintendo game, metaphorically speaking, is, so:
You don't get another chance. Life is not a Nintendo game.
and
You don't get another chance. Life is no Nintendo game.
are both correct.
Reference: English Grammar Today (Cambridge)