Comment by reikonomusha

The condition system is also quite general. It’s more of a system for communicating with and passing control to distant (but structured) parts of the call stack. It’s also quite dynamic in nature; the behavior isn’t captured with purely lexical functions. It’s possible to use the condition system purely as a communication mechanism, as a way to implement dynamic bindings, and many other things. It just happens it’s framed in the language of error handling and that’s its most popular use.

With that said, I’m not claiming they’re equivalent to algebraic effects. However, looking at the semantics provided by Pretnar [1], the Common Lisp condition system is quite close to the functionality offered in the purely functional formalism.

[1] https://www.eff-lang.org/handlers-tutorial.pdf