Which libc? You don't necessarily get as much bloat with embedded compilers and libraries.

Now what if you use two exceptions? If there's no significant increase, then the whole point is moot.

Not really moot. I do C++ on embedded processors with as little as 32kB of program space. Using a single exception means your code will not fit. My general rule of thumb to use full-fledged C++ is a processor with at least 256kB of program space.

Here's a comment of mine from a previous discussion: https://news.ycombinator.com/item?id=11706840

Not in the bare-metal environment. You may not have the memory to use one. In such a case, the increase to use two is irrelevant.