IfError with else does this function exist in Excel

Question

I ran into a circumstance where I needed the following Excel function:

=IFERROR(value, value_if_error, value_if_no_error)

In other words, I'm seeking an else-clause IFERROR() method.
The problem is, you could theoretically do it like this:

=IF(IFERROR(function(),error_value),value_if_error,value_if_no_error)

But what if function() could result in an error value? IFERROR() would be unable to be used since, for example, function() returns a string that may include anything, including an empty string, but also an error.

Answer 1

Next to IFERROR(), there also is the ISERROR() function, which can be used as an input for an IF()-clause:

=IF(ISERROR(value),value_if_error,value_if_no_error)