System Exceptions - exceptions caused by system-based events: application crashes, button/window can't be found, etc..
Business Exceptions - exception created by the RPA Developer when the business rules that exist in a process are broken. Example: Field to insert the AGE should be an integer bigger than zero. If a negative number is inserted -> business exception.
The System Exceptions are ALWAYS generated in the Object Studio (since it's the layer where the robot deals with the application).
You should have a conditional wait stage, with the element that you want to click/interact. If the element can't be found, so System Exception (insert the Exception stage).
The Business Exceptions are ALWAYS generated in the Process Studio. Using my previous example, you would have a decision stage to check if the inserted age is bigger than zero, if true -> continue, if false -> business exception.
Hope it's clear. Good luck