It seems odd and arbitrary to narrow down the scope of this to the God of Israel. But that's my boilerplate complaint whenever any theological subject is brought up. I protest against the hegemony of monotheism.
In any case, it depends on what is meant by "fear"? Should we quake in terror at the wrath of the gods? I don't think so. I don't think we have anything to fear from them in that, because I don't think gods are so thin-skinned that we should be anxious over upsetting them. They got bigger things to focus on.
Now, "fear" in the sense of awe and reverence for a power much greater than one's own? Sure. The same way that I would express that emotion towards the ocean, or a mountain, or the sun. It's less "oh no it's going to hurt me, how do I placate it" and more a simple recognition of one's own smallness in the universe and acting accordingly out of respect. Is there some self-preservation instinct at play? Maybe. But I think it's overridden by the feeling of awe, and the power such a thing has to anchor everything around it.