I’ve used effects in scala3 with cats-effects and haven’t been impressed. All in all, the way it was used was just to reimplement a very similar interface to exceptions.

Cats Effect is monadic effects. What is discussed here is sometimes called "direct-style" effects, and is an alternative representation.

I think you've missed the point regarding effect systems. Concurrency and resource handling, implemented in a way that is composable and reasonably easy to reason about, are two of the big ticket features.