Model fallible instantiation with factory methods. e.g. Node::make(Args..) -> Result<Node>. It won't always be as efficient or ergonomic but it works. And hey it's c++, you've been conditioned to accept a ton of ceremony to get things done. Famously the bulk of google's code is written without exceptions. And from what I know of it (not much), factory methods are how they model instantiation fallibility.

As a related but separate thought, sometimes adding invalid states to an object is useful. For example, take a look at std::thread::detach. Sometimes you see rvalue qualifiers on such methods (indicating the object has been consumed).

If you consider memory allocation to be infallible, there is a lot of stuff that can be written as pretty normal c++ without exceptions. The STL even pretty much works without throwing given this. If you consider allocation to be fallible you're going to have a bad time with "standard" c++ too.