If you want to (and are able to) document all possible failure modes, then checked exceptions will give you that. As far as I can tell, railway oriented approaches can't.
Unfortunately, you can only do that when the number of possible failure modes is fairly limited. In a complex codebase with lots of different layers, lots of different third party components, and lots of different abstractions and adapters, it can quickly become pretty unwieldy. And then you end up with someone or other deciding to take the easy way out and declaring their method as "throws Exception" which kind of defeats the purpose.
Unfortunately, you can only do that when the number of possible failure modes is fairly limited. In a complex codebase with lots of different layers, lots of different third party components, and lots of different abstractions and adapters, it can quickly become pretty unwieldy. And then you end up with someone or other deciding to take the easy way out and declaring their method as "throws Exception" which kind of defeats the purpose.