The "exclusive lists" feature in Mastodon 4.2 is also useful as a kind of soft-mute.
If you actually mute an account, you don't see anything from them anymore.
But maybe you just want to not have them on your home feed for a bit (e.g. because they post a lot about an event that you're not interested in or whatever) but you still want to get replies and DMs from them.
If you put them on a list and enable the "Hide these posts from home" option, it'll do exactly that. And you can always open the list if you want to read what regular posts are going on there. But it becomes and opt-in.
Nice one for shaping your default Fediverse experience.