If "Failed to open page" occurs and "Try Web Archive" button is clicked, it seems that the archive URL uses is limited to the root domain of the website and not the full URL: i.e.
If "https://www.example.com/not-existent-page" access and archive button is clicked, the archive link is "https://web.archive.org/web/0/www.example.com".
Here's the URL of actual page I encountered this on: https://www.tpsearchtool.com/web/parallels-desktop-opengl
See this screen recording.
Archive button should use the full URL of the page which failed to load.
0.99.134-beta (WebKit 622.1.9.19.2)
Sequoia (15)