No doubt some convoys would be intercepted and destroyed, others would get through, and plenty of patrolling AMC`s and AC`s would meet their end along the way as well, (not like Hipper can`t come out to the GIUK gap to say `hi`). But, for the Grand Fleet, if they`re trying to pursue a convoy running the Denmark Straight eastward, then they`re getting into a long chase into the Greenland Sea, (the convoy doesn`t have to head straight for Norway if tailed through the Denmark Straight, it can turn north and run for the Artic and hide out there for a while). If the Grand Fleet enters the Greenland Sea looking for a convoy, the Western Approaches get pretty exposed. And between the Greenland Sea and Western Approaches, the Germans will have the weather advantage. The potential was there, but the German fleet lacked the energy to fight for real and the German army in 1914 had no idea how potentially valuable Pas de Calais was to fleet operations.
Being a landpower, the HSF was worth losing if in being sunk Germany imported it`s weight in sunken warships in vital commodities such as nitrates, metals, rubber. As Mike suggests, if the blockade doesn`t defeat Germany and the US remains neutral, Germany could very well win the war. Being a landpower meant that sacrificing the surface fleet was a good move if Germany`s landpower was enhanced along the way. Germany did not require a single surface warship to survive the war in order to win it. It only required its army to defeat its enemies on the continent.
That being said, the British weren`t exactly made out of battleships either, and if the Grand Fleet destroyed a convoy and three or four escorting warships, but in exchange their Channel Fleet of eighteen or twenty pre-dreadnoughts was annihilated outright, then the British have suffered a strategic catastrophe while the Germans have lost a replaceable convoy and a few replaceable escorts. So, it`s not like the risk factor was all one way. Any time the GF goes north, the British were taking a big risk too.