What errors does discord.py hide by default?

I've seen mentioned in many posts on Stack Overflow that discord.py "hides errors" by default, if logging is not configured. In the docs, it is mentioned that:

It is strongly recommended that the logging module is configured, as no errors or warnings will be output if it is not set up. [emphasis mine]

However, in discord.py 1.7.3, I observed that errors are outputted to the console. Running the following code snippet:

import discord

client = discord.Client(intents=discord.Intents.all())


@client.event
async def on_ready():
    raise ValueError

client.run(TOKEN)

properly raises a ValueError - the error is not swallowed.

In discord.py 2.0, logging is already set up, as evidenced by the output (with the same code snippet):

[2022-07-15 12:28:40] [INFO    ] discord.client: logging in using static token
[2022-07-15 12:28:41] [INFO    ] discord.gateway: Shard ID None has sent the IDENTIFY payload.
[2022-07-15 12:28:41] [INFO    ] discord.gateway: Shard ID None has connected to Gateway (Session ID: ...).
[2022-07-15 12:28:43] [ERROR   ] discord.client: Ignoring exception in on_ready
# ^-----------------^ These lines are all from the logging module
Traceback (most recent call last):
  File "C:\Users\TheFu\PycharmProjects\mcve2.0\venv\lib\site-packages\discord\client.py", line 456, in _run_event
    await coro(*args, **kwargs)
  File "C:\Users\TheFu\PycharmProjects\mcve2.0\main.py", line 8, in on_ready
    raise ValueError
ValueError

So, if logging hasn't been set up in discord.py 1.7.3, why is an error outputted? What errors do get swallowed in this version?