Sure, I’m not asserting it’s the only way to handle nulls.
That said, for me personally, nil punning is uncomfortably close to the kind of weak typing (like in traditional JS) that can be catastrophic in large code bases.
However, I’ve never worked with a large code base in a Lisp - whereas I have with various statically-typed functional and non-functional languages - and I find static typing, particularly Option types, very valuable.