The dangers and pitfalls of exceptions are completely irrelevant if all you're doing is using an exception as a value and not for control flow.

It’s not about danger it’s about being declarative. That’s kinda the point of using these ‘result’ types: you’re fully declaring the codomain of the function — barring exceptions — and so if your codomain is augmented with Exception then it’s pretty hard to know whether all exceptions will be returned in value form, or just exceptional exceptions! It’s fails the declarative test.