…many users of Lisp, Scheme and Erlang would probably agree with you :-)
That’s why I used the term “asthetic similarity” - obviously there’s a difference between an exception (usually a visible value) and an effect (usually an abstract entity, often to ensure correct usage). And as I noted eariler:
…so you are correct - exposing very small sets of effects should be no worse than using a stack of monadic types, “aesthetically” speaking.