How slow Ruby exception is?

benchmark.rb

# Based on http://blog.honeybadger.io/benchmarking-exceptions-in-ruby-yep-theyre-slow/
require 'benchmark/ips'

def find_by
  nil
end

def find_by!
  raise 'Not found'
end

def via_exception
  find_by!
rescue
  'No message'
end

def via_if
  if user = find_by
    user.message
  else
    'No message'
  end
end

def via_safe_nav_op
  find_by&.message || 'No message'
end

Benchmark.ips do |x|
  x.report("exception") { via_exception }
  x.report("if") { via_if }
  x.report("safe nav op") { via_safe_nav_op }
end

The result in Ruby 2.4.2:

Warming up --------------------------------------
           exception
    69.093k i/100ms
                  if   273.168k i/100ms
         safe nav op   277.067k i/100ms
Calculating -------------------------------------
           exception    831.842k (± 6.9%) i/s -      4.146M in   5.011627s
                  if      7.330M (± 6.3%) i/s -     36.605M in   5.017913s
         safe nav op      7.545M (± 6.8%) i/s -     37.681M in   5.020933s