I do a lot of exposure merging, either with bracketed shots or more commonly with different conversions from a single Raw file. None of the auto merge options which I have tried have given what I want for my photos.
So, working in photoshop I use layers and masks to hand make the personal mix which suits my requirements. Edit the images as required using ACR then transfer them to the photoshop work screen. Auto align the layers and add masks which I edit to give a final merged result.
After transferring my images from ACR I use the Photoshop Window menu to tile the images vertically (or horizontally) then decide which image is to be my 'starting base' and drag the thumbnail images of the other tiled images onto the base image. Then simply shut down the images leaving the stacked thumbnails on the base image. Alternatively, you can store images in a suitable location and open them using Load Scripts or copy and paste each image; but once you get the knack of simply dragging the thumbnails across it becomes much quicker.
The base image then needs to be converted into a layer. Select all layers and use the auto align option then add and edit your masks.
In reality, it is much easier to do it than to describe how it is done.
When creating multiple edited versions from a single Raw file I normally work in a similar manner but do it with Smart Objects instead.