Driven within the specified limits a laser diode can last many tens of thousands of hours. Driven beyond these limits it may not last tens of nanoseconds. There are different types of damage that can occur, the one you have to be most careful about is catastrophic optical damage, even a very brief excursion into this area will cause immediate damage to the mirrored surfaces of the die due to heating. Old laser diodes had a very narrow window between where lasing starts and damage occurs, these had an integrated photodiode for closed loop regulation. Many modern laser diodes have a much wider operating range and many are driven open loop. You can pulse a laser diode but you need to avoid overshoot.