But that's immaterial to your main point, which is that adding state into the mix of things makes things hard. Which I agree with, but again to steelman the point, I could turn around and say that values allow for exponentially more possible values as well! When I see a map passed into a Clojure function I have no idea what could be in that map!
I think the main objection here which you are alluding to is one of "global" vs "local" reasoning. With a value I just need to worry about the body of my function, whereas with (global) state I need to worry about every function everywhere! But what if that's just a problem with our tools rather than an intrinsic issue? What if I had a tool that could automatically present all the mutable state of your system that is publicly accessible as a single screen and automatically link to different procedures that link to different parts of it? At that point I don't see much of a difference between state strewn everywhere and nice orderly values plumbed everywhere. In fact maybe it's nicer to have that implicit state strewn everywhere instead of having to carry around values which are irrelevant for the bulk of a function body and only relevant for a single part of a subfunction. What if it's all just a matter of not having the right IDE?
Working memory is definitely a hard limitation and universal enough among humans, but it's not clear to me it's a specific enough concern to convincingly justify certain programming language features which may just be crutches for inadequate visualizations or different educational backgrounds.