Is it permissible for a Muslim to cease striving in this worldly life after failure, and suffice with wishing for the fulfillment of their dreams in the Hereafter?

A Muslim must be content with Allah's decree and submit to His judgment. If his dream is lost, he should realize that this is Allah's choice for him, for Allah knows best what is in the servant's interest and is more merciful to him. In His decree is all goodness. A person may dislike something while it is good for him, as Allah Almighty said: "And perhaps you dislike a thing and it is good for you; and perhaps you love a thing and it is bad for you. And Allah knows, while you know not." So, whoever receives the loss of his dream with this belief will not be affected; rather, he will face life with diligence and activity, striving to please Allah, for Allah loves noble matters. The greatest dream a servant strives to achieve is to hope for his Lord's mercy and salvation in the Hereafter.