This is a really spot on take on this moment in time. I also wrote a bot circa 2016/2017 [1] and the constant exchange error handling killed any profit I would eek out of the arbitrage. I was only doing this part time while a student so wasn't a huge deal to me, but losing to an exchange throwing up an error that I had never seen before and never would again, or my all time least favorite exchange cryptsy having one side of their books 'stuck' for hours was fabulous.
[1] https://github.com/mikem5/arb2