I went with a pacer pump for emergency pump out because I think in the chaos of an emergency, an engine pump out system takes time to get sorted out with seacocks even though it should not, oil rags normally this bilge area, Not really a high flow rate given other options, plus you got to worry about flow for cooling engine.
Those big rule 4000s are pretty powerful and practical. My last boat, I had one of those pumps around and installed it on a simple on/toggle.
I stuffed one that literally filled the cockpit to the point it rolled out over the transom. To stabilize the boat we opened the hatches, let it down into the bilge - that pump made quick work of getting it out.
Of course you gotta have battery power to pull it off, but you gotta have battery power to start your engine too - possibly to run it if it's a modern engine. Like you, I don't see the engine water pump as the end all solution.
High water alarms, also good and important.
What we are talking about here with exhaust, the couple times I've seen failures it was an older boat, owners bought them and never touched the exhaust, then years later some 20+ year old component was leaking. One case it was 8 inch hardwall exhaust hose clamped w/ regular worm gear clamps, in a place that had poor access, and really all it did leak a little, never would have sunk the boat. Another case a muffler failed by coming apart at the seams - it wasn't even accessible, deck had to be cut out to replace.
Anyway I feel like a quality coupler, with quality clamps, is pretty damn safe even if only inspected (replaced as needed) every few years. It's the 20+ year old stuff buried and taken for granted that sinks boats.