Thankfully, like many other languages that rather combine models instead of going full speed into affine types, OCaml is getting both.
Besides the effects type system initially introduced to support multicore OCaml, Jane Street is sponsoring the work for explicit stack allocation, unboxed types, modal types.
I have not used Reason ML as I have not had the reason to. :D
But apparently the target audience is JavaScript / TypeScript developers, and I think it is mainly used for web development IIRC, whereas OCaml is much more general-purpose and even low-level at times.
Jane Street is doing a great job at contributing to OCaml itself and its libraries.