It's helped, but that's runtime behaviour. The compiler can't help you with questions like "you didn't handle certain errors" or "the error you're trying to check can never occur".
Nor does that help with documentation, I'm guessing if I read a file then it might raise the error that the file does not exist. But what exactly is the technical type of that error? You have to search through the function's implementation, and functions that function calls, etc., to find out.
And it doesn't help with refactoring. If you create new.FileNotFoundError and change your function to return it, existing code which checks for old.FileNotFoundError will start to silently fail.
Nor does that help with documentation, I'm guessing if I read a file then it might raise the error that the file does not exist. But what exactly is the technical type of that error? You have to search through the function's implementation, and functions that function calls, etc., to find out.
And it doesn't help with refactoring. If you create new.FileNotFoundError and change your function to return it, existing code which checks for old.FileNotFoundError will start to silently fail.