I think GPUs do have faulting mechanisms, if that's what you meant by "precise interrupts". How else they bus master page memory over PCIe?
> Each lane then executes those instructions independently and if the lane notices that the instruction has been predicated out it just ignores it.
This is exactly what you do on CPUs as well. In SSE/AVX you often mask unwanted results instead of branching. Just like on GPUs. AVX has 8 lanes, 16 with Skylake.