Seems a bit strange to posit fault tolerance as an alternative to a type system. Personally, I view type systems as a bonus to DX more than something strictly designed to prevent errors
Very opposite the Go model, btw.
Erlang/Elixir's approach is to simply say, "It's gonna fail no matter how many precautions we take, so let's optimize for recovery."
Turns out, this works fantastically in both cellphone signaling, which is where OTP originated, as well as with webserving, where it is perfectly suited.
It just does not catch logics errors.
in other words, any error that doesn't occur right at start can be recovered from at least for all those operations that do not depend on that error being fixed.
Both because that memory leaks are normal is types languages - and does usually not matter in most serious applications - and because this class of errors is usually not what types catch.
Types have value when you 1) refactor and 2) have multiple people working on a code base.
The error you see when you don't have types is something like a BadArityError.
It WILL log the error, with a stacktrace, so you have that going for you
Note that even with typing, you cannot avoid all runtime errors
Also note that this tech was first battle-tested on cellphone networks, which are stellar on the reliability front