A lack of experience using abstract concepts - the experience which can only be gained by learning much more of, let's say, abstract algebra, than just the definition of monoid - will inevitably lead to wasting one's time or, worse yet, to the finished product being an over-engineered monstrosity.
https://blogs.ncl.ac.uk/andreymokhov/an-algebra-of-graphs/
Representing graphs is a bit of a problem in Haskell, due to the difficulty of creating/working with cyclical structures, and the previous solutions were not really convincing. So in some ways this might be seen as a problem immutable data purists created for themselves. (Not my opinion)
But, either way, the ability to reason about and derive algebraic models for some problem domain is worth pursuing in general. Mathematically structured software is a fast track to robust, reliable, verified solutions to problems. That's propaganda but there's a fair amount of support for it.
An idea that comes up in functional programming that has a similar algebraic quality to monoids etc. is the notion of a type which contains only one value (usually called "Unit") and a type which contains no values ("Bottom" or _|_). The latter is described as "uninhabited" and is used, among other things, to usefully describe the type of a function which never returns. https://en.wikipedia.org/wiki/Bottom_type
Unit represents a value which is like a point in a space which contains only one point. It gets used to send signals with no content. For example, in predecessors of Go, there's the pattern of sending on a "channel of unit" as a way to essentially indicate an event to the receiver. Obviously in that use case, a type with any distinguishable values would be superfluous.
struct Unit {};
As far as the connection with monoids goes, Bottom is a subtype of all types in the same way that the empty element of a monoid is a "zero" of the elements of the monoid. I don't know if that helps, but the similarity is that the types form a lattice, and so do the elements of the monoid. AIUI lattices (in the mathematical sense) have top and bottom elements, and in between they look like a DAG...
class Bottom { private: Bottom(){} };