I'm aware if you send the email through Salesfore the Bounce Mail Management will flag the contact, but we use SFMC and list verification services, as well as bounce information from another system.
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Any company I've worked with we've always had a third party do an email verification. Someone there would have them sign an NDA/no sharing your company data, you export ever email address along with the SF ID, they run the list through their magic tool and tell you the status of all the emails. Then an admin would typically do a mass update. You'd probably want a custom field or indicator if you don't already have one to set the status of the email you get from the service.
I used to work at a nonprofit and if you're on HEDA, good luck, that's a beast on it's own ...doing what you're trying to accomplish is a lot of manual work exporting reports and using excel, depending on the relationship of the object. Your student records, donors, staff etc. would just need some careful reporting.
Natively in Salesforce - there isn't anything apart from what you've outlined
Zerobounce was a vendor we used with good success/decent cost - plus if you're a nonprofit you should have a pretty good discount
