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That's what it's best for, but personally I use it for everything. If I ever get into low-level code I'll probably use Rust though.
You can confirm that parsers/tokenizers is ranked "best in class" here though:
https://github.com/Gabriella439/post-rfc/blob/main/sotu.md
Also a much simpler alternative in my opinion to monad transformers is effectful:
https://github.com/haskell-effectful/effectful
Here's a talk on it:
https://www.youtube.com/watch?v=BUoYKBLOOrE