Good question to be raised.
One thing first - when you say "Valar", you mean "Vala", like singular, right? Meaning Morgoth? (just to make this clear)
Okay, to Fingolfin. Well, his deed obviously reached nothing more than few bruises to Morgoth (although, you must agree that even a few bruises to Vala are something!). Pure rationalistic way, it
was in vain, it was pure stupidity, total lapse of reason in response to emotions, one great Noldo king, who could have lead the Elves as a great commander and perhaps yet kill some more Orcs or Balrogs... In this point, yes, I'd agree.
If nothing more then, however, you have to consider that Fingolfin's deed had surely a great "morale-boosting" effect. After such great defeats, and all the troubled situation the residents of Beleriand were in, hurting the very Arch-Enemy, and a Vala, as you said, is really something. You have to consider also, that in our postmodern view this deed of Fingolfin's really does not seem in any way "reasonable". But if in the Middle Ages, for example, some warrior happened to ride on his horse right to the enemy camp, and challenged their leader to a duel, although he would certainly be killed (if not by the leader then by his followers), this counted for something. This is the "code of honor" system, to which the current western civilization is no longer used to: purely rationalistic, it would be best for Morgoth, even if such an annoying Noldo rode to his gate, to tell the Orcs just "shoot him" and not bother. Of course, his authority might be undermined after the refusal of the challenge, but I think nowadays he'd just tip the Orcs to forget it.
The other thing is, the narrative aspect of it. Just from the reader's view, it was just brilliant from Fingolfin to ride there, and seven times hurt Morgoth. It was such a brave deed, alone, to the enemy's gate. Also in the chain of events: the narration is just brilliant. If it does not take the reader's heart, then it would really be written in vain. But the fact that many people admire Fingolfin and like the passage, then it seems Tolkien knew very well what he was writing.
And about the difference with Fëanor - I think their death was more or less the same in the meaning that it was in vain, Fëanor's was a lot more sad, I think, because it was not certainly as valiant as Fingolfin's. And the point is, in my opinion, that Fëanor's wrath (in opposite to Fingolfin's) was
unjust: Fingolfin wanted to avenge death of his kinsmen, but he took the responsibility for himself. He could do anything he wanted with his life, but Fëanor manipulated many others in his "personal" problems (yes, why not face it, it was just personal problem - he wanted the Silmarilli for himself, not that he for example wanted them back so that he could share them with others or help Valar revive the Trees with them, as they first asked him).
And one last thing - Fingolfin was arrogant, you say. I think Fingolfin was not "arrogant to think that he could take down a Vala on his own" - if you permit me, I'll quote here. Tolkien wrote:
Quote:
Then Fingolfin beheld (as it seemed to him) the utter ruin of the Noldor, and the defeat beyond redress of all their houses; and filled with wrath and despair he mounted upon Rochallor his great horse and rode forth alone, and none might restrain him.
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I think he didn't imagine that he will take Morgoth down. I think he just didn't really think
anything at the moment. He just went there. It seemed to him that defeat is inevitable. So just one last thing, before the darkness fell, one last desperate act. I don't deny he was driven by emotions at that time. But not arrogance.