It feels to me rather like the difference between cooperative versus preemptive scheduling. Some mainstream operating systems used to use cooperative scheduling. All have long shifted to preemptive scheduling. File system transactions would be global in the same way kernel-space cooperative scheduling is—and one malicious or even buggy process can now bring down the whole system.

In a fully controlled environment you could do it, just like you can do cooperative scheduling, but outside of such an environment you just can’t do it in any way sanely.