You don't need big branching paths for choice to matter, it mattering in the moment is enough, but Telltale's way of making a big deal of choices makes you realise that _nothing_ ever _actually_ matters. It undermines that in the moment nature; they'd be better off just not making you expect it to come up again.
Regardless, I remember two instances from Season 1 -- currently replaying episode 2, I think I finished it last time and I know the "plot twist" of the dairy farm -- where you choose to save one character and the other dies, and your choices seem to stick (so far, the other character is alive and even remembers you chose her/him over the other option). The problem for me is that it doesn't really matter who you chose, because these are cardboard characters and whoever survives is going to fill the same role. And of course, the same situations play out with minor differences no matter what. I suppose it'd be too expensive to actually have the game vary wildly depending on who you save or where you go.
If you mean the person you saved eventually dies anyway, isn't this also a flaw of the source material. I stopped watching TV show because of this: it ends up becoming a monotonous series of main character deaths.
Major plot points turn out completely differently on every playthrough. I played as a nord - storm cloak (nationalists) in my first run based on the tradtitional mold of the warrior hero freeing their country from the Invaders.
Mid way through the game their facist side became more apparent, and I helped a genuine asshole of a person become king.
This made my 2nd playthrough as the empire (colonists/settlers) just that much more fun, as I tried to seek revenge on the asshole that I didn't like from a previous life.
It has been 8 years since it came out, and no game captured me quite like it. (Borderlands and Witcher came close)