Exercise is one of the most powerful health interventions known — it improves cardiovascular health, insulin sensitivity, mood, cognition, and mortality risk. But it's surprisingly weak for weight loss specifically, and the reason is arithmetic plus compensation. A hard 45-minute run might burn 400–500 calories, which one muffin erases. Worse, the body partially compensates: people often eat more after exercise and unconsciously move less the rest of the day, offsetting a meaningful share of what they burned.
The correct conclusion isn't 'don't exercise' — it's 'don't exercise to lose weight, exercise because it's medicine.' Diet drives weight change; exercise drives health and helps you keep muscle while losing fat. Conflating the two produces the classic failure loop where people train hard, don't lose weight, and conclude exercise doesn't work — then quit, losing all the benefits that had nothing to do with the scale.