Yup, that's how Rust does it and I vastly prefer it to C++(or Java) exceptions. The compiler forces you to handle the value so you still have all the enforcement of checked exceptions.

Option/Result are really well designed and let you express all sorts of wonderful flow. Being able to .and_then(), .or_else() or the combination of them and many others is just sublime. The doc page goes into quite a bit of detail: https://doc.rust-lang.org/book/error-handling.html