Note: The solution given here is in Experimental phase (as of Jan 2022) and might not be available in future.

This feature needs to be turned on from Canvas App >> File >> Settings >> Advanced Settings >> Experimental Feature >> Formula-level error management.

After turning on the feature, you can use functions like

• IfError – It tests given value until it finds error. In case of error, it returns alternate value provided in function
• IsError – It tests given value for the error and returns True or False (bool) based on the output.
• IsBlankOrError – It tests given value for either blank or error and returns True or False (bool) based on the output.